Huawei on Thursday launched the second generation of its trifold smartphone, as the Chinese tech giant looks to cement its comeback in its home market and dip its toe back overseas.

The Shenzhen-headquartered tech firm took the wraps off of the Huawei Mate XTs, which starts at 17,999 Chinese yuan ($2,520) and goes up to 21,999 yuan for the model with the largest memory.

Foldable smartphones typically have one hinge that allows a user to fold the device in half. Huawei’s Mate XTs is dubbed a trifold — meaning it has two hinges that allow it to be folded at two points. The phone turns into a tablet-like device when opened up.

Huawei pioneered the concept last year when it launched the Mate XT, which was the first device of its kind. The product initially debuted in China, before hitting select overseas markets earlier this year.

The company will be hoping the Mate XTs will help it sustain the momentum it has rekindled in the Chinese smartphone market since late 2023.

Huawei’s market share in China jumped to 18% in the second quarter versus 15% in the same period last year, and the company is now the biggest smartphone vendor in China, Counterpoint Research data showed. In the Chinese foldable phone category, Huawei dominates with a 75% share of the market, according to the International Data Corporation (IDC).

Huawei sold 470,000 units of the Mate XT device since launch to the end of the second quarter of this year, generating over $1.3 billion of revenue, IDC added.

“The performance is quite strong considering it’s one of the most expensive smartphones available and this shows there is a demand for something innovative,” Francisco Jeronimo, a vice president covering devices at IDC, told CNBC.

Huawei is looking to show it can still innovate, after its smartphone business was crippled in 2020 by U.S. sanctions that cut the company off from key software and chips. Since then, Huawei has developed its own operating system and managed to get some less-advanced chips manufactured in China for its more recent devices, allowing it to make a comeback.

Still, Huawei’s market share remains tiny outside of China, as it faces a number of challenges.

Shares of the enterprise artificial intelligence company C3 AI fell 14% in extended trading on Wednesday after it announced fiscal first-quarter results and the appointment of Stephen Ehikian as its new CEO.

C3 AI reported $70.3 million in revenue for the quarter, down from $87.2 million during the same period last year. The company’s GAAP net loss widened to an 86-cent loss from a 50-cent loss a year ago.

Ehikian is a long-time tech executive who built two companies that were both acquired by Salesforce, C3 AI said. C3 AI said Ehikian assumed the new role on Sept. 1.

C3 AI kicked off a search for a new chief executive in July after its former CEO, Thomas Siebel revealed that he was diagnosed with an autoimmune disease earlier this year that resulted in “significant visual impairment.”

“C3 AI is one of the most important companies in the AI landscape and enterprise software, with a platform and applications that are unmatched,” Ehikian said. “I am confident that we will be able to capture an increasing share of the immense market opportunity in Enterprise AI.”

The company has had a rocky few months since Siebel’s diagnosis.

Shares plunged in August after C3 AI announced disappointing preliminary financial results and a restructuring of its global sales and services organization.

Siebel said in an August statement that sales results during the quarter were “completely unacceptable.” He attributed the performance to the “disruptive effect” of the reorganization, as well as his ongoing health issues.

Salesforce issued disappointing guidance on Wednesday, even as earnings and revenue topped estimates for the fiscal second quarter. The stock dropped 4% in extended trading.

Here’s how the company did in comparison with LSEG consensus:

• Earnings per share: $2.91 adjusted vs. $2.78 expected
• Revenue: $10.24 billion vs. $10.14 billion expected

Revenue increased 10% from $9.33 billion a year earlier, according to a statement. Net income rose to $1.89 billion, or $1.96 per share, from $1.43 billion, or $1.47 per share, a year ago.

For the fiscal third quarter, management called for $2.84 to $2.86 in adjusted earnings per share on $10.24 billion to $10.29 billion in revenue. Analysts polled by LSEG had been looking for $2.85 per share on $10.29 billion in revenue.

Salesforce maintained its full-year revenue outlook but now sees higher earnings. The company is targeting $11.33 to $11.37 in adjusted earnings per share on $41.1 billion to $41.3 billion in revenue. The consensus estimate from LSEG was $11.31 in earnings per share and $41.2 billion in revenue. The forecast in May included $11.27 to  $11.33 in adjusted earnings per share.

Salesforce has fallen out of favor on Wall Street this year due to an extended stretch of meager revenue growth, which has been stuck in the single digits since mid-2024. While the company regularly touts its investments in artificial intelligence and the advancements in its software and systems, it hasn’t been lifted by the AI boom in the same way as many of its tech peers.

Going into Wednesday’s report, Salesforce was down 23% for the year, lagging behind all but one stock in the Dow and trailing all other large-cap tech companies.

The ratio of Salesforce’s enterprise value to its free cash flow has reached a 10-year low because of fears of disruption from AI, according to analysts at Jefferies, who have a buy rating on the stock. Salesforce is trying to counter the pressure by selling its Agentforce AI software that can automate the handling of customer service questions.

During the fiscal second quarter, Salesforce said it was planning to increase the cost of some products and announced its intent to acquire data management software company Informatica for $8 billion.

Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.

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