Chairman Howard Liang revealed Huawei’s 2024 revenue exceeded 860 billion yuan ($118.27 billion) on Wednesday.
This increase represents the fastest growth since a 32% increase in 2016, and it represents a 22% increase in revenue from 2023.
The gains were made in spite of U.S. restrictions that have been in place since 2019 that prevent Huawei from obtaining technology from American suppliers, including Google’s Android operating system and cutting-edge 5G chips.
On November 26, 2024, Huawei held an event in Shenzhen to introduce the Mate 70 series. The phones are the first to run HarmonyOS NEXT, Huawei’s latest operating system.
Despite the United States limiting Apple’s access to high-end technology, the Chinese telecom and smartphone behemoth is still expanding and gaining market share.
Speaking at a local government conference, Liang said that Huawei’s automotive solutions business was experiencing “rapid development” and its consumer business was “returning to growth.” According to him, Huawei’s information and communications technology division, which has generated the most revenue, “remained stable.”
In 2020, Huawei’s revenue hardly increased, and in 2021, it fell by almost 29%. Even though revenue increased 17% year over year to 251.5 billion yuan in 2023, it was still barely half of what the unit made at its peak in 2020 due to the severe impact on its consumer segment.
Huawei’s smartphone shipments in mainland China surged by 37% last year, climbing from fourth to second place by market share, while Apple fell to third place with a 17% drop, according to Canalys data. Vivo, known for its budget-priced devices, ranked first by market share in 2024, the data showed.
The telecommunications company started to make a comeback in the smartphone market in 2023 with the release of its Mate 60 Pro in China. Reviews indicated the device offers download speeds associated with 5G — thanks to an advanced semiconductor chip.
Just over a year later, Huawei launched the Mate 70 smartphone series that uses the company’s first fully self-developed operating system, HarmonyOS NEXT.
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