CHINA’S Huawei is expected to claim triumph over US sanctions at its upcoming annual results, bolstered by its software push, progress in chips and booming smart-driving technology business that has helped it move out of “survival mode”.
The company is set to confirm that it took 860 billion yuan ($118bn) in revenues last year, just shy of its 2020 peak of 891bn yuan, before chip stockpiles dwindled and US restrictions cut consumer business revenues in half. Its chairman disclosed its 2024 revenue in February.
It will also report full-year profit. In October, it posted a 13.7 per cent drop in nine-month net profit.
Huawei’s executives have previously said Washington’s moves pushed the company into “survival mode”, driving it to explore new business lines that have largely involved creating products that can serve as alternatives to Western technology and partnering with local Chinese authorities and government-backed firms.
The company has in past months struck a more confident tone, with founder Ren Zhengfei telling Chinese President Xi Jinping in May that concerns China had about a lack of homegrown chips and operating systems had eased.
Huawei has not disclosed in detail its revenue drivers, but has said that its consumer business has returned to growth while its foray into autos has developed rapidly.
The company likely shipped over 45 million phones in 2024, up by 25pc or more on a year earlier, though yield rates on chips remain a constraint, according to consultancy Isaiah Research.
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