- Revenue Growth: Huawei Technologies reported a revenue of over $118.3b in 2024, marking a 22% increase year-on-year.
- Consumer Business and Smart Car Solutions: The growth was driven by Huawei’s consumer business, including smartphones and wearables, as well as its rapidly developing smart car solution operations.
What happened: Huawei reports 22% revenue surge despite US sanctions
Huawei Technologies, the world’s largest telecoms equipment vendor, has demonstrated remarkable resilience in the face of ongoing US sanctions. In 2024, the company recorded a revenue of over $118.3b, representing a robust 22% increase compared to the previous year.
This growth was primarily driven by the company’s consumer business, which includes smartphones and wearables, as well as its smart car solution operations that saw rapid development. Huawei’s chairman, Howard Liang Hua, announced these figures at a conference hosted by the Guangdong provincial government in Guangzhou.
Despite US restrictions on accessing advanced technology, Huawei has managed to adapt and thrive, showcasing its ability to innovate and maintain market competitiveness.
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Why it’s important
Huawei’s 22% revenue growth in 2024 is a significant milestone, highlighting the company’s ability to navigate and overcome the challenges posed by US sanctions. This achievement underscores Huawei’s strategic focus on innovation and diversification into new markets, such as smart car solutions and AI technology.
The company’s success in maintaining and expanding its market share, particularly in China, demonstrates its resilience and adaptability. Additionally, Huawei’s investment in domestic chipmaking and supply chain adjustments has allowed it to reduce its reliance on US technology, further solidifying its position as a global tech leader.
