Chinese telecoms giant Huawei said聽on Monday that profits fell 28 percent in 2024 as the smartphone maker faces international economic uncertainty and weak consumption at home.
The company recorded 62.6 billion yuan ($8.6 billion) in net profit last year, down from 87 billion yuan in 2023, the company said.
Revenue rose 22 percent on-year -- marking a third successive increase after a sharp drop in 2021 during the pandemic.
Its 862.1 billion yuan in revenue was the highest since the figure surpassed 890 billion yuan in 2020.
The results were 鈥榠n line with forecast鈥�, the company鈥檚 rotating chairwoman Sabrina Meng said in a statement.
Employees 鈥榖anded together to tackle a wide range of external challenges鈥�, Meng said, adding that the firm was 鈥榝irmly committed to its quality goals and will keep honing quality as a competitive edge鈥�.
Since 2019, US sanctions have cut Huawei off from global supply chains for technology and US-made components, a move that initially hammered its production of smartphones.
Last year, the company unveiled its first smartphone equipped with a fully homegrown operating system, a test of its ability to challenge the dominance of Western juggernauts.
And last year it released the world鈥檚 first triple-folding phone, launched hours after its US rival Apple lifted the curtain on its newest iPhone.
Apple remains popular among Chinese consumers but has ceded ground to domestic players such as Huawei in recent years.
