Huawei Profit Surges 564% As It Eclipses Apple in China

(Bloomberg) — Huawei Technologies Co Ltd.’s profit rose for the fourth consecutive quarter, a sign the Chinese tech company is taking market share from Apple Inc. and other smartphone rivals.

The Shenzhen-based company reported net profit of 19.6 billion yuan ($2.7 billion) in the March quarter, up 564% year-on-year, according to a filing from Huawei’s holding company posted to the website of the National Interbank Funding Center in China.