Huawei reports 38% revenue rise amid consumer growth

Huawei Technologies reported total revenues of 862.1 billion yuan (approximately $120 billion) for 2024, marking a 22% increase year-on-year, despite a significant 28% decline in net profit attributed to previous one-off gains. The consumer division, which includes smartphones, surged by 38% to 339 billion yuan ($47 billion), reflecting a recovery in the competitive smartphone market and strong domestic demand supported by Beijing's initiatives. The company's ICT infrastructure and intelligent automotive solutions also showed growth, with the latter's revenue soaring nearly fivefold to 26.4 billion yuan ($3.6 billion). However, 71% of Huawei's revenues now come from China, indicating an increasing reliance on the domestic market amid ongoing US sanctions. Sabrina Meng Wanzhou, Huawei's rotating chairwoman, emphasized the company's commitment to improving product quality and operational efficiency, which contributed to the positive performance. The results indicate Huawei's resilience in navigating external challenges while adapting its business strategy to focus on emerging sectors such as electric vehicles and smart manufacturing.