Huawei Technologies reported a significant decline in net profit to $8.6 billion in 2024, down 28% from the previous year, while revenue surged 22% to $118.2 billion. The Chinese tech giant attributed the profit decrease to aggressive investment in future technologies, with R&D spending reaching $25 billion - over 20% of revenue. The company's consumer unit saw a 38.3% revenue jump, while automotive services sales quadrupled. Despite ongoing US trade restrictions limiting access to advanced chips and software, Huawei maintains strong growth in cloud computing and digital power sectors.
Huawei Technologies reported a significant decline in net profit to $8.6 billion in 2024, down 28% from the previous year, while revenue surged 22% to $118.2 billion. The Chinese tech giant attributed the profit decrease to aggressive investment in future technologies, with R&D spending reaching $25 billion - over 20% of revenue. The company's consumer unit saw a 38.3% revenue jump, while automotive services sales quadrupled. Despite ongoing US trade restrictions limiting access to advanced chips and software, Huawei maintains strong growth in cloud computing and digital power sectors.