Huawei Technologies, the world’s largest telecoms equipment vendor, recorded revenue of more than 860 billion yuan (US$118.3 billion) in 2024, the company’s chairman said on Wednesday, in a sign of the tech giant’s resilience in the face of US sanctions.
Huawei chairman Howard Liang Hua said the company’s “overall operations met expectations” in 2024, thanks to growth in its consumer business, which includes smartphones and wearables, as well as “smart car solution operations that developed rapidly”.
The 2024 revenue was the second highest on record for Huawei, with its highest ever being 891 billion yuan in 2020, which came after US sanctions were first imposed on the company’s lucrative mobile phone and international operations.
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Huawei’s latest revenue represents a robust 22 per cent year on year growth over 704.2 billion yuan posted in 2023. While Huawei is not a listed company, it discloses its financial data on a regular basis.
Huawei chairman Liang Hua speaks during a news conference on February 27, 2020. Photo: Reuters alt=Huawei chairman Liang Hua speaks during a news conference on February 27, 2020. Photo: Reuters>
Liang announced the data at a conference hosted by the Guangdong provincial government in Guangzhou, but the chairman did not disclose annual profit for the year.
In the first nine months of last year, Huawei posted a 13.7 per cent decline in net profit to 62.9 billion yuan, down from 72.9 billion yuan in the same nine-month period in 2023, due to strong capital spending on research and development.
After Huawei was added to the US government’s trade blacklist in May 2019, Washington tightened restrictions in August 2020 by barring the firm’s access to advanced semiconductors developed or produced using US technology, regardless of where they were manufactured.
Huawei has sought to manage the impact by striving to become the industrial leader in Beijing’s technology self-sufficiency push. The company, founded in 1987 by Ren Zhengfei, has become the face of China’s efforts to overcome US restrictions that have been imposed over concerns that US core tech will be used to modernise the Chinese military.
Last week, Huawei’s cloud-computing unit made DeepSeek’s artificial intelligence (AI) models available to end users through its Ascend cloud service. The performance matches “DeepSeek’s models [which] run on global premium graphic processing units”, the company said.
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