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ZTE profit rebounds after US sanctions lifted
- Tuesday | 30th April, 2019
Revenue dropped 19.34 percent to 22.2 billion yuan in January-March, from 28.88 billion yuan a year earlier. HONG KONG (Reuters) – China’s ZTE Corp reported on Monday a first-quarter profit of 862.6 million yuan ($128.2 million), as expected, up from 276 million yuan in the preceding three months, as it recovered from last year’s US sanctions. The world’s fourth-largest telecommunications equipment maker by market share also forecast a net profit of 1.2-1.8 billion yuan for the first half of 2019. The quarterly profit was towards the lower end of the company’s forecast range of 800 million to 1.2 billion yuan. The sanctions were lifted after ZTE paid $1.4 billion in penalties.
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