Huawei’s 2024 performance report reveals a total revenue of 862,072 billion yuan, marking a 22.4% increase from 2023, ranking it as the second highest revenue in the company’s history, closely approaching the record-breaking 2020 revenue of 891,368 billion yuan. This showcases Huawei’s ability to address business challenges and rebound after product bans in multiple countries, including the United States.
Despite this, Huawei’s net profit decreased to 8,577 billion yuan due to increased investment in research and development. CEO Meng Wanzhou emphasized the company’s collective efforts in overcoming obstacles, enhancing product quality, and boosting manufacturing efficiency. Huawei plans to sustain this research and development investment for the next 3 years to foster growth and technological superiority over competitors, amidst economic uncertainties.
Huawei’s revenue is primarily derived from two core business segments: ICT Infrastructure saw a 4.9% increase to 369,903 billion yuan, driven by global expansion of 5G networks. The Consumer business segment reported a revenue of 339,006 billion yuan, growing by 38.3% due to strong smartphone sales, particularly in China.
Source: Huawei and CNBC
TLDR: Huawei reports a significant revenue increase in 2024, showcasing resilience post product bans, with a focus on research and development to drive future growth and technological advancement.
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