Huawei Technologies net profit surges 564% as it eclipses Apple in China

Huawei Technologies’s net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from U.S. sanctions.

Huawei’s revenue for the quarter to March rose 37% to 178.5 billion yuan, the filing to China’s National Interbank Funding Center showed. It did not break down how business units, such as consumer and smart car components, performed.

A Huawei spokesperson said “digitalization, intelligence, and decarbonization” helped to drive revenue growth.