Huawei announces strong 2024 results, fueled by investment in R&D
Huawei has published its 2024 Annual Report, showcasing a robust performance amid ongoing global challenges, particularly in the area of research and development. According to the report, Huawei reported revenue of 862.1 billion yuan, marking...
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Huawei has published its 2024 Annual Report, showcasing a robust performance amid ongoing global challenges, particularly in the area of research and development.
According to the report, Huawei reported revenue of 862.1 billion yuan, marking a 22.4 percent increase from 2023, along with a net profit of 62.6 billion yuan, which reflects a 28 percent decline. The company’s strong commitment to innovation is evidenced by its significant investment of 179.7 billion yuan in research and development, representing 20.8 percent of its annual revenue. Over the last decade, Huawei's total R&D investment has reached 1.249 trillion yuan.
Despite facing industry headwinds, Huawei maintained solid performance in its connectivity business. Growth was particularly notable in its computing sector, driven by advancements in Artificial Intelligence. The device business is showing a strong recovery, fueled by the growth of the HarmonyOS ecosystem. Furthermore, the company’s intelligent automotive solutions became profitable in 2024.
Huawei articulates its focus on technological advancement, boasting a vast patent portfolio with over 150,000 active granted patents. The company is dedicated to enhancing its foundational ecosystems and promoting open collaboration with partners. It strives to empower developers with user-friendly tools and platforms spanning HarmonyOS, Kunpeng, Ascend, and cloud computing, and it places a strong emphasis on continuous improvement in product and service quality.
The report attributes Huawei's performance to its adeptness in navigating external challenges, refining product and operational quality, and strengthening collaborations across the industry. Notable progress in cloud computing, digital power, and intelligent automotive solutions is also highlighted.
In a press release, Huawei's rotating chairperson and chief financial officer, Meng Wanzhou, stated that the results aligned with forecasts.
"In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges," Meng said, further adding that Huawei devices are back in the fast lane.
The financial statements featured in Huawei's 2024 Annual Report underwent independent auditing by KPMG. This report underscores the company's dedication to innovation and ecosystem development.
Amid the ongoing Sino-U.S. tech war, Huawei has positioned itself as a hub for Chinese technological innovation in chips and operating systems, with executives previously indicating that U.S. actions had forced the company into "survival mode."
In recent months, the company has adopted a more confident outlook, as founder Ren Zhengfei communicated to Chinese leadership in May that concerns regarding a shortage of domestic chips and operating systems had diminished.
James del Carmen for TROIB News
According to the report, Huawei reported revenue of 862.1 billion yuan, marking a 22.4 percent increase from 2023, along with a net profit of 62.6 billion yuan, which reflects a 28 percent decline. The company’s strong commitment to innovation is evidenced by its significant investment of 179.7 billion yuan in research and development, representing 20.8 percent of its annual revenue. Over the last decade, Huawei's total R&D investment has reached 1.249 trillion yuan.
Despite facing industry headwinds, Huawei maintained solid performance in its connectivity business. Growth was particularly notable in its computing sector, driven by advancements in Artificial Intelligence. The device business is showing a strong recovery, fueled by the growth of the HarmonyOS ecosystem. Furthermore, the company’s intelligent automotive solutions became profitable in 2024.
Huawei articulates its focus on technological advancement, boasting a vast patent portfolio with over 150,000 active granted patents. The company is dedicated to enhancing its foundational ecosystems and promoting open collaboration with partners. It strives to empower developers with user-friendly tools and platforms spanning HarmonyOS, Kunpeng, Ascend, and cloud computing, and it places a strong emphasis on continuous improvement in product and service quality.
The report attributes Huawei's performance to its adeptness in navigating external challenges, refining product and operational quality, and strengthening collaborations across the industry. Notable progress in cloud computing, digital power, and intelligent automotive solutions is also highlighted.
In a press release, Huawei's rotating chairperson and chief financial officer, Meng Wanzhou, stated that the results aligned with forecasts.
"In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges," Meng said, further adding that Huawei devices are back in the fast lane.
The financial statements featured in Huawei's 2024 Annual Report underwent independent auditing by KPMG. This report underscores the company's dedication to innovation and ecosystem development.
Amid the ongoing Sino-U.S. tech war, Huawei has positioned itself as a hub for Chinese technological innovation in chips and operating systems, with executives previously indicating that U.S. actions had forced the company into "survival mode."
In recent months, the company has adopted a more confident outlook, as founder Ren Zhengfei communicated to Chinese leadership in May that concerns regarding a shortage of domestic chips and operating systems had diminished.
James del Carmen for TROIB News
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