The Chinese technology giant’s net profit fell in 2024 as higher expenses weighed, but solid revenue growth signals that the company is making a comeback after years of heavy U.S. sanctions that have affected its businesses.

Huawei on Monday reported a sharp jump in 2024 revenue as its core telecommunications and consumer businesses accelerated. The consumer business raked in sales of 339 billion yuan, a 38.3% rise and a sharp acceleration from the growth seen last year,

China's Huawei Technologies said on Monday its profit fell by over a quarter in 2024 versus a year prior when income from the sale of its Honor handset unit provided an earnings boost, while its revenue grew at the fastest rate in five years.