Huawei, despite facing US technology restrictions since 2019, achieved a 22% increase in revenue in 2024, reaching over 860 billion yuan ($118.27 billion). This marks the fastest growth since 2016 and is attributed to the success of its consumer and car solutions businesses. While its ICT business remained stable, the company's consumer segment, previously hard-hit, is showing signs of recovery.
Huawei's revenue exceeded 860 billion yuan ($118.27 billion) in 2024, Chairman Howard Liang said Wednesday, according to local state media. That's a 22% increase in revenue from 2023, and the fastest growth since a 32% increase in 2016, according to CNBC calculations of publicly released figures. The gains came despite U.S. restrictions since 2019 on Huawei's ability to access tech from American suppliers, from advanced 5G chips to Google's Android operating system.
Liang, speaking at a local government conference, described Huawei's consumer business as 'returning to growth' and car solutions business as seeing 'rapid development,' according to a CNBC translation of the Chinese-language report. He said Huawei's ICT business — which has been the largest segment by revenue — 'remained stable.'Huawei's revenue barely grew in 2020, and plunged by nearly 29% in 2021. Its consumer segment was hit hard, and even as revenue rose 17% year on year to 251.5 billion yuan in 2023, it was just over half of what the unit generated at its peak. Huawei's smartphone shipments in mainland China surged by 37% last year, climbing from fourth to second place by market share, while Apple fell to third place with a 17% drop, with the release of its Mate 60 Pro in China. Reviews indicated the device offers download speeds associated with 5G — thanks to an advanced semiconductor chip.
HUAWEI TECHNOLOGY REVENUE US RESTRICTIONS SMARTPHONES
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