SHANGHAI, Feb 5 (Reuters) - 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.

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, when Huawei reported 704.2

billion yuan in revenue. The company also reported its fastest

growth in four years that year.

"In 2024, Huawei's overall operations will meet

expectations, ICT infrastructure will remain stable, consumer

business will return to growth, and the smart car solution

business will develop rapidly, with annual sales revenue

exceeding 860 billion yuan," Liang was quoted as saying.

Huawei's consumer business has made a strong comeback since

August 2023, when it launched new phones with locally-made

chipsets that defied U.S. sanctions. Last year, it grabbed a 16%

share of the Chinese smartphone market, overtaking Apple ( AAPL )

, according to data from Canalys.

($1 = 7.2715 Chinese yuan renminbi)