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Huawei Technologies has demonstrated remarkable resilience despite facing U.S. sanctions that have stifled its access to critical technologies. The Chinese telecom giant announced on Wednesday that its 2024 revenue surpassed 860 billion yuan ($118.3 billion), reflecting a 22% increase from the previous year, according to Chairman Howard Liang. This surge marks the company's fastest growth since 2016 and its second-highest revenue on record, trailing only the 891 billion yuan achieved in 2020.
The growth came despite significant restrictions imposed by the U.S. since 2019, which barred Huawei from accessing advanced semiconductors and American tech products, including Google's Android operating system. Liang attributed the positive financial results to the strong performance of Huawei's consumer business, including smartphones and wearables, and its rapid expansion into smart car solutions.
In November 2024, Huawei unveiled its Mate 70 smartphone series in Shenzhen. The devices feature the HarmonyOS NEXT, a proprietary operating system aimed at reducing dependence on foreign software. The launch is part of Huawei's broader strategy to strengthen its foothold in the domestic tech ecosystem amid international trade tensions.
While Huawei's revenue saw a remarkable rise, the company did not disclose its annual profit for 2024. Data from the first nine months showed a 13.7% drop in net profit to 62.9 billion yuan, primarily attributed to increased spending on research and development. This investment aligns with the company's goal of leading Beijing's push toward technological self-sufficiency.
Guangdong Communist Party chief Huang Kunming praised Huawei for its "leading digital technology" during a conference held in Guangzhou. He commended the company's advancements in artificial intelligence, particularly through its cloud-computing arm, which recently made DeepSeek's AI models accessible via the Ascend cloud service. Huang emphasized that Huawei's innovation has "shaken up American AI giants" and reinforced China's determination to overcome external technological barriers.
The firm remains at the forefront of China's technological ambitions, spearheading efforts to reduce reliance on U.S. technology and fortify domestic innovation.
