Huawei Annual Revenue Surpasses $118 Billion, Marking a 22% Growth in 2024
Huawei’s impressive performance in 2024 has highlighted its resilience and ability to adapt to challenges, as the tech giant’s annual revenue exceeded 860 billion yuan ($118.27 billion). This milestone marks a significant 22% year-on-year growth, recovering from the impacts of U.S. sanctions and positioning Huawei for a strong future.
Huawei’s Growth Resilience Amid Sanctions
Huawei’s revenue in 2024 marks a remarkable rebound from 704.2 billion yuan in 2023. The company is navigating the aftermath of U.S. sanctions that had severely impacted its operations in previous years. Despite these challenges, Huawei has maintained its upward trajectory, reporting its fastest growth in four years.
Liang Hua, Huawei’s chairman, discussed the company’s performance at a forum in Guangzhou, where he confirmed the company’s revenue expectations for the year. He expressed optimism about the company’s growth prospects, particularly in areas like ICT infrastructure, consumer business, and smart car solutions.
Consumer Business Shines with Recovery
One of the most notable aspects of Huawei’s 2024 growth story is its consumer business, which has made a strong comeback. After facing setbacks from the U.S. sanctions, Huawei launched new smartphones in August 2023, powered by locally-made chipsets. This move allowed the company to navigate supply chain restrictions and revive its consumer division, helping it regain a 16% market share of the Chinese smartphone market. This achievement propelled Huawei ahead of Apple, marking a major victory in the competitive smartphone space.
Expanding into Smart Car Solutions
In addition to its consumer business, Huawei is also seeing rapid growth in the smart car solution sector. Liang Hua highlighted the strong potential of this new venture, emphasizing that Huawei’s smart car sales will exceed 860 billion yuan in 2024, contributing to the company’s broader revenue growth.
Huawei’s commitment to innovation and technological advancement is evident in its diversification strategy. As it expands beyond traditional telecom equipment and smartphones, Huawei is positioning itself to capitalize on emerging industries like smart cars, where the company’s expertise in AI and connectivity solutions is increasingly valuable.
Strength in ICT Infrastructure
Huawei’s ICT infrastructure division remains stable, contributing to the company’s overall growth in 2024. Despite the hurdles posed by global geopolitical tensions and market shifts, the company has managed to maintain solid performance in its core business areas. Huawei continues to play a key role in 5G network infrastructure, helping telecom operators around the world expand next-gen networks.
Huawei’s Market Position
Huawei’s resilience in the face of ongoing challenges has allowed it to maintain a strong position in the global market. As it continues to expand its consumer product offerings and develop new technologies in areas like smart cars, Huawei is solidifying its status as a major player in the global tech industry.
In the coming years, Huawei’s ability to navigate the complexities of the global business environment, while continuing to innovate and diversify, will be key to sustaining its growth trajectory and competitive advantage. With a 22% increase in annual revenue in 2024, Huawei is showing its capacity for recovery and long-term success.
