Huawei’s chairman, Liang Hua, announced on Wednesday that the company surpassed 860 billion yuan ($118.27 billion) in annual revenue for 2024, marking a significant recovery after the impact of U.S. sanctions. The company experienced a remarkable 22% year-on-year growth compared to 2023, when it reported 704.2 billion yuan in revenue. This marks Huawei’s fastest growth in four years, as it continues to adapt and rebuild its operations.
Liang made these remarks at a forum in Guangzhou, confirmed by a Huawei spokesperson. He emphasized that Huawei’s 2024 results align with the company’s expectations, with ICT infrastructure remaining stable, the consumer business returning to growth, and the smart car solutions business rapidly developing. He added that the company’s annual sales revenue would exceed 860 billion yuan.
Huawei’s consumer business saw a strong rebound beginning in August 2023, when it launched new smartphones featuring locally-produced chipsets that successfully navigated U.S. sanctions. This resurgence has allowed Huawei to capture a 16% share of the Chinese smartphone market, overtaking Apple, according to Canalys data.
