By South China Morning Post | Created at 2025-03-31 08:11:21 | Updated at 2025-04-02 00:29:00
1 day ago
Huawei Technologies’ consumer business saw annual revenue surge 38 per cent in 2024, signalling the tech giant’s recovery in a segment that has been reinvigorated despite the ongoing US-China tech war.
Revenue for the consumer unit, which includes its smartphone business, surged 38 per cent year on year to 339 billion yuan (US$47 billion), contributing to a 22 per cent increase in total revenue, according to data released by the US-sanctioned company on Monday.
The results come after the company saw its smartphone sales rebound last year amid progress in sourcing home-grown chips. The market also benefited from Beijing’s efforts to boost consumption, with consumers rallying to support domestic brands amid heightened US-China tensions.
Huawei recorded total annual revenue of 862.1 billion yuan in 2024, its second-highest on record, signalling progress by the Shenzhen-based firm in overcoming US sanctions imposed on its mobile phone and international operations in recent years. Although Huawei is not a listed company, it discloses financial data on a regular basis.
“In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges, while further improving product quality, operations quality, and operational efficiency,” Sabrina Meng Wanzhou, Huawei’s rotating chairwoman, said in a statement on Monday. The performance was “in line with forecast”, she added.
The company’s information and communications technology infrastructure segment, which includes its carrier and enterprise business units, saw revenue rise 5 per cent to 369.9 billion yuan, accounting for the firm’s largest revenue stream.
Another segment that recorded strong growth was intelligent automotive solutions, which includes the commercialisation of its autonomous driving and intelligent vehicle solutions. The business saw revenue expand nearly five times to 26.4 billion yuan, while also posting an annual profit for the first time.
