Huawei's revenue surged in 2024 due to smartphone comeback, but net profit fell

From CNBC: 2025-03-31 04:56:00

Huawei reported a 22.4% year-on-year rise in revenue for 2024, reaching 862.1 billion Chinese yuan. Despite this, net profit fell by 28% to 62.6 billion yuan due to increased investments. The Chinese tech giant is adapting to U.S. sanctions by diversifying into AI, cloud computing, and automotive technology.

Huawei’s ICT infrastructure division saw a 4.9% revenue increase to 369.9 billion yuan, driven by large-scale 5G network deployment. The consumer business also thrived with 38.3% sales growth to 339 billion yuan. Huawei’s smartphone market share in China rose to 16% in 2024, surpassing Apple.

To combat U.S. sanctions, Huawei expanded into new areas like digital power and energy infrastructure, resulting in a 24.4% revenue increase to 68.7 billion yuan. Cloud computing revenue reached 38.5 billion yuan, while the Intelligent Automotive Solution business reported a 474.4% revenue jump to 26.4 billion yuan.



Read more at CNBC:: Huawei 2024 revenue surges to near-record high on smartphone comeback