Huawei has reported annual revenue of over 860 billion yuan ($118.27 billion) in 2024, reflecting a 22 percent year-on-year increase.
This was revealed by Huawei’s chairman Liang Hua at a forum in Guangzhou. Annual revenue of 860 billion yuan would mark 22 percent growth from 2023, when Huawei reported 704.2 billion yuan in revenue, Reuters news report said.
For comparison, revenue of Samsung was $208 billion in 2024.
A major contributor to Huawei’s success has been the resurgence of its consumer business, particularly in the smartphone segment. Since August 2023, the company has launched new smartphones featuring locally developed chipsets, overcoming restrictions imposed by the U.S. on semiconductor supplies.
This strategic move enabled Huawei to reclaim a strong position in the Chinese smartphone market, where it secured a 16 percent share, surpassing Apple. The market response to Huawei’s new devices highlights consumer confidence in the brand’s ability to innovate and deliver competitive products despite external constraints.
Beyond the consumer segment, Huawei’s ICT (Information and Communications Technology) infrastructure has remained stable, ensuring continued business operations and revenue generation.
The company has consistently invested in research and development, allowing it to maintain leadership in critical technology areas, including telecommunications equipment, cloud computing, and enterprise solutions. This stability in ICT infrastructure has provided a solid foundation for growth across multiple business units.
Another key driver of Huawei’s revenue increase has been the rapid expansion of its smart car solutions business. With the global automotive industry undergoing a transformation towards electrification and intelligent mobility, Huawei has positioned itself as a major player in this space. Its smart vehicle technologies, including advanced driver-assistance systems (ADAS) and connectivity solutions, have gained traction among automakers, contributing to revenue growth.
The company’s ability to navigate U.S. sanctions and sustain innovation has been critical to its financial success. By localizing its supply chain, investing in domestic semiconductor technology, and diversifying its business portfolio, Huawei has mitigated the impact of external restrictions. This strategic adaptability has allowed the company to maintain momentum and achieve its highest revenue in recent years.
Looking ahead, Huawei anticipates continued strong performance across its business units, with a focus on expanding its presence in emerging technology sectors. Its ability to maintain operational stability while driving innovation in key areas such as consumer electronics, ICT infrastructure, and smart automotive solutions positions the company for sustained growth.