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.

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.

Although this year’s revenue did not surpass Huawei’s all-time high of 891 billion yuan in 2020, it stands as the second-highest in the company’s history, underscoring its steady recovery since the im

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.