Huawei recorded an annual revenue of 860 billion yuan ($118.27 billion) in 2024, an increase of 22% compared to the previous year.
This was revealed by the company’s chairman, Liang Hua, during a forum in Guangzhou.
The technology giant, which had reported 704.2 billion yuan in revenue in 2023, had its fastest growth in four years. Liang stated, “In 2024, Huawei’s overall operations will meet expectations, ICT infrastructure will remain stable, consumer business will return to growth, and the smart car solution business will develop rapidly, with annual sales revenue exceeding 860 billion yuan.”
A major factor in Huawei’s growth has been the resurgence of its consumer business. The company saw a strong comeback in the smartphone market after launching new devices in August 2023, featuring locally developed chipsets.
This helped it navigate U.S. sanctions that had previously restricted its access to advanced semiconductor supplies. By the end of 2023, Huawei had secured a 16% share of the Chinese smartphone market, surpassing Apple.
Apart from consumer electronics, Huawei’s ICT (Information and Communications Technology) infrastructure has been stable, supporting business expansion.
The company continued its heavy investment in research and development, strengthening its services in telecommunications, cloud computing, and enterprise solutions.
Another area of commendable growth has been Huawei’s smart car solutions business. With the global automotive industry moving towards electric and intelligent vehicles, the company has gained traction with its advanced driver-assistance systems (ADAS) and vehicle connectivity technologies.
Even with current challenges from U.S. sanctions, Huawei’s strategy of localising its supply chain and diversifying its business has enabled it to maintain strong financial performance.
The company expects continued growth, particularly in emerging technology sectors, as it pushes further to remain competitive in the global market.
