Huawei 2024 revenue surges to near-record high as China smartphone comeback takes hold

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. "In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges, while further improving product quality, operations quality, and operational efficiency," Huawei's rotating chairwoman Meng Wanz ... Read full article.