In 2024, Huawei’s yearly revenue was 860 billion yuan ($118.27 billion), a 22% increase over the previous year.
Liang Hua, the Chairman of Huawei, made this revelation during a Guangzhou forum accessed by BrandSpur digital news platform. The digital behemoth experienced its strongest increase in four years in 2023, with revenue of 704.2 billion yuan.
According to Hua: “In 2024, Huawei’s overall operations will meet expectations, ICT infrastructure will remain stable, consumer business will return to growth, and the smart car solution business will develop rapidly, with annual sales revenue exceeding 860 billion yuan.”
BrandSpur news brand reports that the recovery of its consumer business has been a key driver of Huawei’s expansion.
After releasing new smartphones using locally developed chipsets in August 2023, the firm had a significant resurgence in the smartphone industry. This aided it in overcoming US restrictions that had previously limited its access to supplies of cutting-edge semiconductors. By the end of 2023, Huawei had surpassed Apple and taken a 16% market share in China for smartphones.
In addition to consumer goods, Huawei has a reliable ICT (information and communications technology) infrastructure that facilitates company growth. With the global automotive industry shifting towards electric and intelligent vehicles, Huawei has gained traction with its advanced driver-assistance systems (ADAS) and vehicle connectivity technologies. Despite current challenges from U.S. sanctions, Huawei has maintained strong financial performance through its strategy of localizing its supply chain and diversifying its business.
Huawei has also continued to make significant R&D investments, strengthening its services in telecommunications, cloud computing, and enterprise solutions.
As it works harder to be competitive in the global market, Huawei anticipates significant growth, especially in developing technology industries.
