Huawei 2024 Profit Drops, Revenue Grows Fastest in 5 Years
By Asmita - Mar 31, 2025
Huawei Technologies' 2024 financial performance shows a 28% drop in net profit to 62.6 billion yuan, alongside a 22.4% surge in revenue to 862.1 billion yuan. Despite profit decline due to the absence of Honor smartphone unit income and substantial R&D investment, Huawei's resilience is evident amid U.S. sanctions. Strong growth in the consumer business, particularly smartphones, and intelligent automotive solutions unit contribute to its diversified revenue streams. Huawei continues to innovate and expand its ecosystem while maintaining stability in its ICT infrastructure division.
High-quality images of Huawei's flagship phones via Trusted reviews
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Huawei Technologies reported a mixed financial performance for 2024, with net profit dropping by 28% to 62.6 billion yuan, while revenue surged by 22.4% to 862.1 billion yuan, marking its fastest growth in five years. The decline in profit was attributed to the absence of income from the sale of its Honor smartphone unit, which had boosted earnings in prior years, and a significant investment of 179.7 billion yuan in research and development, accounting for over 20% of its revenue. Despite this, Huawei’s revenue growth highlights its resilience amidst ongoing U.S. sanctions and supply chain challenges.
The company’s consumer business, which includes smartphones, saw robust growth, with revenue rising by 38% to 339 billion yuan. The revival of Huawei’s smartphone segment was driven by the success of its flagship Pura 70 series and Mate 60 series, which featured advanced China-made processors. Huawei shipped 22.2 million smartphones in China during the first half of 2024, a 55.2% increase year-on-year, helping it secure a top-five position in the domestic market for three consecutive quarters. This recovery underscores the company’s ability to innovate despite restrictions on access to advanced chips.
Huawei’s intelligent automotive solutions unit also experienced remarkable growth, with revenue increasing more than fourfold to 26.4 billion yuan. This segment turned profitable for the first time in 2024, supported by partnerships with domestic automakers like Seres and Changan Automobile. Additionally, Huawei continued to expand its ecosystem through platforms such as HarmonyOS and Kunpeng processors. These developments reflect the company’s diversification efforts beyond traditional telecommunications.
In terms of its broader business portfolio, Huawei’s ICT infrastructure division remained stable, contributing significantly to overall revenue at 369.9 billion yuan. The firm also emphasized decarbonization and digitalization as key drivers of growth. Huawei remains committed to advancing technological innovation while navigating external challenges.
