Huawei’s 2024 annual revenue has reportedly reached $118 billion (860 billion yuan), marking a remarkable recovery after facing challenges from US sanctions and the removal of Android services from its devices. This achievement underscores the company’s resilience and ability to adapt to adversity.
Huawei Smartphone Revenue 2024
Huawei’s 2024 annual report reveals a substantial increase in sales revenue, driven by the resurgence of its smartphone business. CNBC reports revenue of 862.1 billion Chinese yuan (approximately $118.2 billion), representing a 22.4% year-on-year growth. This success comes despite ongoing efforts to navigate US sanctions that restrict access to crucial technologies, particularly semiconductors.
“In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges, while further improving product quality, operations quality, and operational efficiency,”
stated Huawei’s rotating chairwoman, Meng Wanzhou, in the company’s annual report.
The company’s commitment to research and development (R&D) remains strong. Huawei invested 179.7 billion yuan (20.8% of its revenue) in R&D in 2024, exceeding the 164.7 billion yuan spent in 2023. This investment fuels diversification into strategic areas such as AI data centers, cloud computing, and automotive technology.
Looking ahead, Meng Wanzhou commented, “Over the next three years, despite an economic downturn, we will increase investment in strategic depth, particularly in building foundational technologies, and seek growth opportunities through differentiation.”
Huawei’s success in 2024 was largely driven by its two primary business segments: ICT infrastructure and consumer, which together accounted for approximately 82% of total revenue. The commercial deployment of next-generation 5.5G (5G advanced) networks also contributed significantly to the sales boost.
Also read: Huawei Kirin Chip Makes a Global Comeback
Huawei’s remarkable 2024 financial performance demonstrates its capacity for innovation and resilience in the face of significant geopolitical and technological hurdles. The company’s substantial investment in R&D, coupled with its strategic diversification and the success of its 5.5G network deployment, positions it for continued growth and leadership in the global technology market. The future remains bright for Huawei as it continues to navigate challenges and pursue opportunities in emerging technologies.
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