July 27 13:45
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- ZTE Revises First-Quarter Results to Net Loss
Chinese telecom-equipment maker ZTE Corp. revised its first-quarter results to a net loss on Friday, taking into account the impact of the now-lifted ban on U.S. suppliers.
ZTE said its net loss for the three months through March was 5.4 billion yuan ($796 million), compared to a net profit of 1.2 billion yuan a year earlier. Revenue rose 6.9% on year to 27.5 billion yuan. ZTE in April reported 1.7 billion yuan net profit for the first quarter.
Washington lifted its sanctions on ZTE earlier this month after the two sides finalized an agreement that include a $1 billion fine and management changes at the company.