China’s phonemaker giant Huawei continues to grow and seize larger market share from Apple, despite having its access to advanced technology restricted by the U.S.
According to local state media, reporting Huawei’s Chair Howard Liang’s disclosure on Wednesday, the company revenue surpassed CNY 860 billion ($118.27 billion) in 2024.
According to CNBC calculations based on publicly available figures, the revenue growth soared 22% from 2023 and has been the fastest growth since a 32% gain in 2016. Huawei usually releases its annual reports in March.
At a local government conference, Liang described Huawei’s consumer business as returning to growth, and that its car solutions business is rapidly developing, while its communication technology business, the largest earner, remained stable.
In 2019, The U.S. restricted Huawei from accessing various technology from American suppliers, which range from 5G chips to Google’s android operating system.
Since then, Huawei’s revenue has stagnated in 2020, while plummeting to almost 29% in 2021. Even if its revenue expanded 17% year-on-year to CNY 251.5 billion in 2023, it was barely over half of what it gained in 2020.
Last year, smartphone shipment in Huawei’s home market China rose by 37%, taking the second place in market share, while Apple dropped to third with a 17% slump, according to data from Canalys.
Huawei’s smartphone department began its recovery in 2023 with the release of Mate 60 Pro in China, and just a year later, the company introduced the Mate 70 smartphone series, which uses the company’s first fully domestic operating system, HarmonyOS NEXT.
