China's largest telecommunications equipment company Huawei recorded its second-highest ever revenue last year, with a 22% increase despite US sanctions.
According to the Hong Kong South China Morning Post (SCMP) and others on the 6th, Liang Hua, Chairman of Huawei's Board, announced at a forum held in Guangzhou the day before that the company achieved revenue exceeding 860 billion yuan last year.
This represents a 22% increase compared to last year's revenue of 704.2 billion yuan. SCMP explained that this is the second-largest revenue scale following the record high of 891 billion yuan in 2020, signaling Huawei's resilience despite US sanctions.
Chairman Liang stated that thanks to growth in the consumer business sector, including smartphones and wearable devices, as well as the smart car solutions business, "Huawei's overall operations in 2024 met expectations." However, he did not disclose profitability figures such as operating profit for the past year.
Huawei had previously announced that its net profit from January to September last year decreased by 13.7% year-on-year to 62.9 billion yuan. At that time, Huawei explained that the profit decline was due to large-scale spending on research and development (R&D). Although Huawei is not a publicly listed company, it regularly discloses its financial status.
Huawei has been under US sanctions since 2019. Once ranked first in global smartphone shipments, it lost competitiveness and plummeted due to the sanctions. However, after launching the 'Mate 60' series smartphones equipped with a 7nm (nanometer, one billionth of a meter) process mobile application processor (AP) made in China in August 2023, it has shown signs of recovery in the consumer sector.
According to market research firm Canalys, Huawei ranked second in the Chinese smartphone market last year with a 16% market share, surpassing Apple (15%). The top spot was held by the low-cost smartphone manufacturer Vivo.
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