ZTE Lost $1 Billion in 2018 Despite Last Quarter Rebound

ZTE Lost $1 Billion in 2018 Despite Last Quarter Rebound
Advertisement

China's ZTE made a net profit of CNY 276 million in the fourth-quarter as it recovered from costly US sanctions which dragged it to an overall 2018 loss of CNY 7.0 billion ($1 billion).

The world's fourth-largest telecommunications equipment maker by market share was forced to stop most business between April and July last year due to US sanctions. It paid $1.4 billion to lift these and reported its worst half-year loss of CNY 7.8 billion in August.

ZTE's 2018 loss announced on Wednesday was just within its earlier guidance range of CNY 6.2 billion to 7.2 billion, but was deeper than the average estimate of a loss of CNY 6.2 billion by 10 analysts, according to Refinitiv Eikon data.

The company had expected a first-quarter net profit of 800 million to CNY 1.2 billion, against a net loss of CNY 5.4 billion year earlier. It reported a profit of 4.57 billion yuan in 2017 before it became embroiled in a crippling row with the US government over violations of export restrictions.

ZTE said its revenue for the quarter ending in December was CNY 26.7 billion, while its full-year revenue dropped 21.4 percent to CNY 85.5 billion, against an average estimate of CNY 87 billion by 12 analysts.

© Thomson Reuters 2019

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: ZTE, US
Ericsson Says No Bounty From Huawei 5G Security Worries
Grindr Defeats Appeal Over Harassment on Gay Dating App
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »