The Huawei booth at the Mobile World Congress in Barcelona, 2025.
Arjun Kharpal | CNBC
Huawei on Monday reported a sharp jump in 2024 revenue as its core telecommunications and consumer businesses accelerated.
Huawei reported revenue for 2024 of 862.1 billion Chinese yuan ($118.2 billion), a 22.4% year-on-year rise.
It is the company’s second-highest revenue figure ever, according to CNBC calculations, just shy of the record 891.4 billion yuan reported for 2020.
Net profit fell, however, to 62.6 billion yuan, a decline of 28% versus 2023. Huawei said this was a result of increasing investments.
It comes as the Chinese technology giant tries to adapt its business to deal with U.S. sanctions that have restricted its access to key technologies like semiconductors.
Huawei spent 179.7 billion yuan on research and development, equating to 20.8% of its revenue. That’s higher than 2023’s 164.7 billion R&D figure. Huawei has been diversifying its business in areas including data centers for AI, cloud computing and automotive technology.
Huawei’s sales last year were driven by its two biggest businesses — ICT infrastructure and consumer — which together account for around 82% of the company’s total revenue.
Revenue at the ICT infrastructure division, which includes its carrier business, rose 4.9% year-on-year to 369.9 billion yuan. This is the Shenzhen headquartered-firm’s biggest business by revenue. Huawei is one of the world’s largest telecommunications equipment companies and the company said large-scale deployment of next-generation 5G networks had helped drive growth.
The company also said that 2024 was the first year of commercial deployment of next-generation networks, dubbed 5.5G or 5G advanced, which also helped give sales a boost.
This is a developing story and will be updated shortly.
