Despite US trade restrictions, Huawei reports a 22% revenue increase in 2024, driven by growth in its consumer and car solutions businesses. The company also launches its Mate 70 series, the first phones capable of running HarmonyOS NEXT.
Huawei 's revenue exceeded 860 billion yuan ($118.27 billion) in 2024, according to Chairman Howard Liang, as reported by local state media on Wednesday. This represents a 22% surge in revenue compared to 2023, marking the fastest growth rate since a 32% increase observed in 2016, as calculated by CNBC based on publicly available figures. These gains were achieved despite U.S.
restrictions imposed since 2019, which significantly hampered Huawei's access to technology from American suppliers, ranging from advanced 5G chips to Google's Android operating system. Chairman Liang, speaking at a local government conference, characterized Huawei's consumer business as 'returning to growth' and its car solutions business as experiencing 'rapid development,' as translated from the original Chinese-language report by CNBC. He highlighted Huawei's information and communications technology (ICT) infrastructure solutions as a significant contributor to its success.Huawei's revenue experienced minimal growth in 2020 and plunged by nearly 29% in 2021. Its consumer segment endured a considerable impact, and even though revenue rose 17% year-on-year to 251.5 billion yuan in 2023, it still fell short of the unit's pre-restriction performance. Huawei's smartphone shipments in mainland China witnessed a remarkable 37% increase last year, propelling it from fourth to second place in market share, while Apple slipped to third with a 17% decline. This surge in Huawei's market share was attributed to the release of its Mate 60 Pro in China, which garnered positive reviews for its impressive download speeds comparable to 5G capabilities—achieved through an advanced semiconductor chip
Huawei Revenue US Restrictions 5G Harmonyos
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