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.

Chinese telecoms gear giant Huawei says its net profit fell 28% in 2024 while its revenue surged, as the company invested heavily in advanced technologies.

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.