Business
Huawei Experiences a 34% Revenue Surge in 2024, Boosted by Resilient Smartphone Sales Amid US Sanctions
In 2024, Huawei saw a 34% increase in their revenue, reaching US$58.6 billion, driven by a resurgence in smartphone sales in China. This impressive growth comes despite the ongoing US sanctions against the Chinese tech powerhouse.
The company announced on Thursday that its earnings for the first half of the year through June surged to 417.5 billion yuan (US$58.6 billion), a significant increase from the 310.9 billion yuan it made over the same timeframe last year. However, its net earnings ratio dipped slightly to 13.2% during these six months, down from 15% in the previous year.
Huawei announced that the outcomes align with their predictions. "As we progress, our focus will be on maintaining excellence in all business procedures, refining our collection to increase business robustness, and fostering flourishing ecosystems," stated Huawei's rotating chairman Eric Xu.
Huawei refrained from providing an in-depth analysis of its various business sectors, a practice it formerly adhered to in semi-annual reports. Although the company is privately owned, it customarily shares crucial financial information routinely.
The corporation's customer gadgets, encompassing smartphones and smart car technologies, experienced swift growth, as stated in a distinct statement given to the Post. Meanwhile, its ICT infrastructure, cloud, and digital power ventures maintained a stable performance.
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