SHANGHAI (Reuters) – The chairman of Huawei announced on Wednesday that the technology company’s annual revenue had soared past 860 billion yuan ($118.27 billion) in the previous year, demonstrating resilience in the face of U.S. sanctions and a revival in its consumer business. Liang Hua shared this significant milestone at a forum in Guangzhou, as reported by the Shenzhen Business Daily and confirmed by a Huawei spokesperson.
With an annual revenue of 860 billion yuan, Huawei experienced a remarkable 22% year-on-year growth compared to 2023’s revenue of 704.2 billion yuan. Notably, 2023 marked the year when the company saw its fastest growth in four years.
Liang expressed confidence in the company’s future, stating, “In 2024, Huawei’s overall operations are expected to meet targets, the ICT infrastructure will remain robust, the consumer business will bounce back, and the smart car solution business will witness rapid development, resulting in annual sales revenue surpassing 860 billion yuan.”
Significantly, Huawei’s consumer business has staged a remarkable comeback since August 2023, fueled by the launch of new phones equipped with domestically produced chipsets that circumvented U.S. sanctions. In the preceding year, the company secured a 16% share of the Chinese smartphone market, surpassing Apple, according to data from Canalys.
(Note: $1 = 7.2715 Chinese yuan renminbi)
(Reporting by Brenda Goh and David Kirton; Editing by Kate Mayberry)
