Huawei, the Chinese telecommunications and smartphone giant, has reported a 22% increase in revenue for 2024, reaching over 860 billion yuan ($118.27 billion). This marks the fastest growth for the company since 2016, despite ongoing U.S. restrictions on its access to high-end technology.
Huawei's Chairman, Howard Liang, attributed the growth to a "return to growth" in the consumer business and "rapid development" in the car solutions segment. The company's ICT business, its largest revenue generator, remained stable.
The company's smartphone shipments in mainland China surged by 37% last year, propelling Huawei to second place in market share, surpassing Apple, which saw a 17% decline. Vivo, known for its budget-priced devices, took the top spot.
Huawei's comeback in the smartphone market began in 2023 with the release of its Mate 60 Pro in China, featuring advanced semiconductor chips that enabled 5G download speeds. The company followed up with the Mate 70 smartphone series in 2024, powered by its fully self-developed operating system, HarmonyOS NEXT.