Huawei signboard at Mobile World Congress 2019. Credit: Huawei
Huawei earned RMB 862.1 billion ($118.79 billion) from global sales in 2024, marking year-on-year growth of 22.4%, according to its 2024 annual report released on Monday by the Chinese tech giant. This is the second-highest revenue in the company’s history, after the RMB 891.4 billion ($122.83 billion) total recorded in 2020. However, the company’s net profit last year stood at RMB 62.57 billion ($8.62 billion), down around 28% year-on-year. In research and innovation, Huawei’s R&D investment reached RMB 179.7 billion ($24.76 billion) in 2024, accounting for around 20.8% of its annual revenue. The company’s cumulative R&D expenditure over the past decade has surpassed RMB 1.249 trillion ($170 billion), Huawei stated. [Huawei annual report]
