Prime Highlights:
Huawei’s revenue in 2024 reached 860 billion yuan ($118.27 billion), a 22% increase from 2023, marking the fastest growth since 2016.
Despite U.S. restrictions since 2019, which limit access to advanced technologies, Huawei’s consumer business experienced a strong recovery.
Key Background:
Huawei, the Chinese telecommunications and smartphone giant, has reported a remarkable surge in its revenue, reaching 860 billion yuan ($118.27 billion) in 2024. This marks a 22% year-on-year increase, the fastest growth since 2016, when the company saw a 32% rise, according to calculations based on publicly available data. Despite facing ongoing U.S. restrictions that limit access to crucial technologies—such as advanced 5G chips and Google’s Android operating system—Huawei has demonstrated resilience and robust performance, particularly in its consumer business.
Chairman Howard Liang, speaking at a local government conference, highlighted the significant rebound in Huawei’s consumer sector, which was pivotal in driving this growth. Liang also emphasized the rapid development of the company’s car solutions business, while noting that its Information and Communications Technology (ICT) segment, historically the largest revenue contributor, had remained stable.
The impressive revenue spike is a stark contrast to Huawei’s challenges in recent years. The company faced stagnation in 2020, followed by a dramatic 29% drop in 2021. The consumer business, once a major revenue driver, was especially impacted by U.S. sanctions. However, Huawei made a notable comeback in 2023 with the launch of the Mate 60 Pro, which leveraged a self-developed semiconductor chip to deliver download speeds comparable to 5G technology, despite the lack of access to foreign suppliers. The momentum continued into 2024 with the introduction of the Mate 70 series, featuring Huawei’s proprietary HarmonyOS NEXT.
Huawei’s strong performance in its domestic market has been equally impressive. According to Canalys data, the company saw a 37% surge in smartphone shipments in mainland China, propelling it from fourth to second place in market share. This shift came as Apple experienced a 17% drop, falling to third place.
