Huawei shows strong growth

Huawei’s 2024 annual report revealed that the company showed strong growth, with $118 billion in revenue and $8.6 billion in profit.

Huawei was founded in Shenzhen in 1987 by Ren Zhengfei, a former deputy regimental chief in the People’s Liberation Army (PLA).

He led the company from a small US$3,000 tech start-up in a top-floor Shenzhen apartment to a world technology leader.

The company initially focused on manufacturing phone switches but has rapidly expanded its product portfolio over the last four decades.

Today, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices.

It has approximately 208,000 employees and operates in over 170 countries and regions, serving over three billion people worldwide.

“We are committed to bringing digital technology to every person, home, and organisation for a fully connected, intelligent world,” the company said in its latest annual report.

On 31 March 2025, Huawei released its 2024 annual report with its performance in line with financial forecasts.

Huawei generated CNY862.1 billion ($118 billion) in revenue and CNY62.6 billion ($8.6 billion) in net profits.

In 2024, Huawei invested CNY179.7 billion ($27 billion) back into research and development, which accounted for 20.8% of its annual revenue.

Altogether, the company’s research and development investment over the past decade amounts to CNY1.249 trillion ($166 billion).

Huawei chairwoman Sabrina Meng said they addressed many external challenges in 2024 and improved product quality, operations quality, and operational efficiency.

In the connectivity domain, Huawei overcame cyclical downturns in industry investment, maintaining solid business results.

She added that Huawei devices are now back in the fast lane, with breakthroughs in the development of its HarmonyOS ecosystem.

The table and charts below show Huawei’s financial performance over the last five years.

Huawei revenue and profit