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

Huawei Technologies, the world's largest telecoms equipment vendor, recorded revenue of more than 860 billion yuan (US$118.3 billion) in 2024, the company's chairman said on Wednesday, in a sign of the tech giant's resilience in the face of US sanctions.

Last year’s US$118 billion in revenue was the second highest on record for Huawei, and represents 22 per cent year on year 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,

Huawei's consumer business has bounced back since August 2023, following the launch of new smartphones featuring domestically produced chipsets that bypass U.S. sanctions.