Huawei Reports 22.4% Revenue Growth in 2024, Driven by Smartphone Resurgence

Despite record R&D investments lowering net profit by 28%, Huawei's strategic pivots and domestic innovations fuel its fastest revenue growth in five years.

• Huawei's 2024 revenue reached 862.1 billion yuan, marking a 22.4% year-on-year increase and its second-highest revenue ever.
• Net profit fell by 28% to 62.6 billion yuan, attributed to record R&D spending totaling 179.7 billion yuan, or 20.8% of revenue.
• The consumer business, including smartphones, grew 38.3% to 339 billion yuan, with Huawei's market share in China rising to 16% after a semiconductor breakthrough enabled high-end phone production.
• ICT infrastructure, Huawei's largest segment, grew 4.9% to 369.9 billion yuan, supported by the rollout of 5.5G networks and other advancements.
• Diversification efforts saw significant gains, with the Intelligent Automotive Solutions unit surging 474.4% to 26.4 billion yuan and the digital power division growing 24.4% to 68.7 billion yuan.

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CNBC South China Morning Post Tech Xplore