Huawei is set to announce its full-year 2024 results. The Chinese company is estimated to have generated 860 billion yuan ($118 billion) in revenue, not far from its peak of 891 billion yuan in 2020, before the US sanctions.

In February 2025, Huawei Chairman Liang Hua revealed that the company's annual revenue in 2024 would exceed $118 billion.

It is unclear how much the company will make in full-year 2024. Net profit for the first nine months of 2024 fell 13.7% to 62.9 billion yuan ($8.83 billion).

Huawei Bloomberg
Huawei has made a "remarkable recovery" after being hit hard by US sanctions. Photo: Bloomberg

Huawei officials have previously said that Washington's sanctions have pushed them into "survival mode," prompting them to explore new business areas, mostly involving creating products that can replace Western technology, while also collaborating with domestic authorities and businesses.

Huawei has been more confident in recent months. In May 2024, founder Ren Zhengfei reported to Chinese President Xi Jinping that concerns about a shortage of chips and China’s domestic operating system had been eased.

Huawei did not disclose the main growth drivers but said the consumer segment had returned to growth, while the auto segment was also growing rapidly.

The company could ship more than 45 million phones last year, up 25% from 2023, even though chip production capacity remains limited, according to research firm Isaiah Research.

Huawei has shown “a remarkable recovery,” said Paul Triolo, managing partner at DGA-Albright Stonebridge Group. Chinese tech companies in general have become more innovative and collaborative.

Huawei Moves Closer to Ditching Intel Chips, Windows Huawei Moves Closer to Ditching Intel Chips, Windows

Due to the US embargo, Huawei has shifted to areas such as developing 5G infrastructure in mining and providing energy storage systems for data centers. Banned from using Android and Oracle, the company has developed its own operating system HarmonyOS, which is now present on more than 1 billion devices, as well as its own software management system MetaERP.

Banned from using American semiconductor technology, Huawei has developed its own advanced chips, including models that compete with Nvidia’s products. It is also a prominent supplier of advanced autonomous driving technology, working with state-owned automakers.

Huawei partners with Seres to sell the Aito model, with sales tripling by 2024. The best-selling M7 and M9 models feature Huawei's advanced driver assistance system and are sold at Huawei showrooms nationwide.

Huawei also has similar projects with Chery, BAIC, JAC Group and SAIC Group.

The company signaled its desire to compete more aggressively in overseas smartphone markets when it launched its Mate XT foldable phone in Malaysia in February.

Expert Triolo commented that due to not being able to access Android, Huawei will find it difficult to regain its former position in the West, but the company's data infrastructure is growing strongly in regions such as the Middle East.

(According to MSN, PhoneArena)