Huawei’s 2024 revenue surges 22% despite US sanctions

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Huawei’s 2024 revenue surges 22% despite US sanctions

This is the hidden content, please

• Sign In
• or
• Sign Up

, the world’s

This is the hidden content, please

• Sign In
• or
• Sign Up

, 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.

Do you have questions about the biggest topics and trends from around the world? Get the answers with

This is the hidden content, please

• Sign In
• or
• Sign Up

, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

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 ******* 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

This is the hidden content, please

• Sign In
• or
• Sign Up

by barring the firm’s access to advanced

This is the hidden content, please

• Sign In
• or
• Sign Up

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 ******** 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.

Story Continues

Liang said that AI “is at an accelerated stage of development, and its application in thousands of industries is ushering in a critical ******* of time”.

In remarks on Wednesday, Guangdong ********** Party chief Huang Kunming praised Huawei’s “leading digital technology” that empowers industries, and said DeepSeek has “shaken up American AI giants with the courage to face the tigers”.

This article originally appeared in the

This is the hidden content, please

• Sign In
• or
• Sign Up

, the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the

This is the hidden content, please

• Sign In
• or
• Sign Up

or visit the SCMP’s

This is the hidden content, please

• Sign In
• or
• Sign Up

and

This is the hidden content, please

• Sign In
• or
• Sign Up

pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Huaweis #revenue #surges #sanctions

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up