Huawei reported on Monday a surge in 2024 revenue, a 22.4% YoY rise to 862.1 billion Chinese yuan. This figure is second highest after the revenue of 891.4 billion yuan reported in 2020.
Main factor driving the sales is the ICT infrastructure and consumer businesses, accounting for 82% of the total revenue.
Revenue at the ICT infrastructure division last year was 369.9 billion yuan, driven by large-scale deployment of next-generation 5G networks. The sales is also boosted by the deployment of next-generation networks on what it’s called 5.5G or 5G advanced
As for revenue from consumer business, the figure reached 339 billion yuan. The company managed to increase its shipment in China by 37% YoY and market share by 4 percentage points to 16%. This rise is due to a semiconductor breakthrough in 2023 that helped the company release high-end phones.
The company’s net profit, however, dropped 28% compared to 2023 to 62.6 billion yuan due to heavy investments. Chairwoman Meng Wanzhou stated that the company spent 179.7 billion yuan on R&D, or about 20.8% of its revenue.
Huawei was focused on handling external challenges, improving quality, and diversifying its business in areas. Wanzhou stated over the next three years, the company will increase investment, especially in building foundational technologies.
The company is also looking into new areas, such as the digital power division, which saw revenue rise by 24.4% to 68.7 billion yuan. Its cloud computing also generated 38.5 billion yuan, while its Intelligent Automotive Solution successfully generated 26.4 billion yuan.
