Huawei revenue exceeded $118 billion last year, and analysts think the company is showing it’s able to live with U.S. sanctions.
Jerry
China tech darling Huawei is thriving, having “adapted” to Washington’s sanctions with continued successes in smartphones, EVs, semiconductors and other leading-edge technologies.
Huawei’s revenue reached 860 billion yuan ($118.1 billion) in 2024, a 22% increase, according to remarks on Wednesday by chairman Howard Hua Liang. Huawei typically reports its revenue as part of its annual report, released in March.
The double-digit growth adds to Huawei’s comeback story. Just a few years ago, founder Ren Zhengfei admitted that survival was the company’s primary goal amid U.S. trade sanctions.
The U.S. added Huawei to its trade blacklist in 2019, forcing companies to get a license if they wanted to continue doing business with the Chinese tech giant. Washington then tightened the screws on Huawei in 2020, and blocked it from getting advanced semiconductors made using U.S. technology or software.
Data released by IDC in late January ranked Huawei as the No. 2 smartphone brand in China by shipments, with 16.6% of the market last year. Apple came in at No. 3, with 15.6%. Huawei’s smartphone business also grew 50% year-on-year, according to the market research firm.
Source: FORTUNE
