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.

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.