SHANGHAI (Feb 5): Huawei's chairman said on Wednesday that the tech company's annual revenue exceeded 860 billion yuan (US$118.27 billion or RM522.3 billion) last year, as it continued to shake off the impact of US sanctions and its consumer business returned to growth.

Liang Hua made the remarks at a forum in Guangzhou, according to a report by the Shenzhen Business Daily, which was confirmed by a Huawei spokesperson.

Annual revenue of 860 billion yuan would mark 22% year-on-year-growth from 2023, when Huawei reported 704.2 billion yuan in revenue. The company also reported its fastest growth in four years that year.

"In 2024, Huawei's overall operations will meet expectations, ICT infrastructure will remain stable, consumer business will return to growth, and the smart car solution business will develop rapidly, with annual sales revenue exceeding 860 billion yuan," Liang was quoted as saying.

Huawei's consumer business has made a strong comeback since August 2023, when it launched new phones with locally-made chipsets that defied US sanctions. Last year, it grabbed a 16% share of the Chinese smartphone market, overtaking Apple, according to data from Canalys.

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