Huawei Technologies has reported a 38% increase in annual revenue for its consumer business in 2024, highlighting a strong comeback in the smartphone market despite ongoing tensions in the US-China tech war.
Huawei’s revenue rebounds despite US sanctions
According to figures released on Monday, the consumer division, which includes Huawei’s smartphone business, saw revenue climb to 339 billion yuan (US$47 billion) in 2024, contributing to a 22% rise in the company’s total revenue.
The surge follows a successful year for Huawei’s smartphone sales, as the company made progress in producing its chips. At the same time, Beijing’s push to boost domestic consumption helped fuel demand, with many Chinese consumers supporting home-grown brands amid geopolitical tensions.
Huawei’s total revenue for 2024 reached 862.1 billion yuan (US$120 billion), the second-highest in its history. Although the company has been under US sanctions restricting its access to advanced technology, it continues to show resilience in the global tech market. Although Huawei is not publicly listed, it regularly shares financial updates.
Strong performance across key business segments
Sabrina Meng Wanzhou, Huawei’s rotating chairwoman, credited the company’s employees for overcoming major external challenges. “In 2024, the entire Huawei team worked together to improve product quality, operational efficiency, and overall business performance,” Meng stated. She confirmed that the company’s financial results were in line with expectations.
Huawei’s information and communications technology (ICT) division, which includes its carrier and enterprise business units, remained the company’s largest revenue contributor, growing 5% to 369.9 billion yuan (US$51 billion). Another key growth area was Huawei’s intelligent automotive solutions segment, which focuses on autonomous driving and smart vehicle technology. Revenue from this business jumped nearly fivefold to 26.4 billion yuan (US$3.6 billion), with the division turning a profit for the first time.
Despite these gains, Huawei’s net profit fell 28% to 62.6 billion yuan (US$8.7 billion). The company attributed the decline to increased investment in future technologies and the absence of one-time gains from business sales.
Huawei’s smartphones make a strong comeback
Huawei has experienced rapid growth in China’s smartphone market since launching devices powered by its chips in 2023. Shipments rose 37% year on year to 46 million units in 2024, making it the second-largest brand in China, behind Vivo, according to market research firm Canalys.
The company’s Pura 70 series, released in early 2024, was reportedly powered by an in-house chip designed by HiSilicon and produced by Semiconductor Manufacturing International Corporation (SMIC) using its 7-nanometre N+2 process. According to Canalys, the Pura 70 ranked sixth among premium smartphone models in China during the third quarter of 2024.
Huawei also maintained its dominance in the foldable smartphone market, with sales soaring 97% yearly to 1.12 million units in the third quarter. This gave the company a commanding 41% market share, according to data from research firm Cinno.
Huawei remains committed to improving its product quality and business operations. “In 2025, we will continue to focus on quality across all aspects of our management and business strategies. Strengthening quality remains a key competitive advantage for Huawei,” Meng stated.
