ZTE profits sink, but sales are recovering quickly # 039; After the US ban
ZTE profits sink, but sales are recovering quickly # 039; After the US ban
ZTE
Corp.
ZTCOY -0.97%
The Chinese telecommunications giant, rescued from collapse by the Trump administration, made a profit in its last quarter and said the business is "rapidly recovering" after the purchase was banned from US suppliers early in the year. this year.
The Shenzhen, China company reported a net income of 564 million yuan ($ 81 million) for the third quarter, 65% less than in the prior year period.
The company said its business was recovering quickly after a devastating ban on the purchase of parts from US suppliers for three months this summer, forcing operations to be suspended. The US Department of Commerce UU He ordered the ban in April after discovering that the company had broken the terms of an agreement that resolved ZTE's violations of US sanctions. UU To Iran and North Korea.
The order almost destroyed ZTE, one of the largest global suppliers of telecommunications equipment and mobile phones in the US. UU It is based on semiconductors and other crucial components of US companies. UU
Qualcomm
Inc.
QCOM -1.14%
President Trump's mixed messages about a plan to help the controversial Chinese telecommunications giant ZTE has baffled Washington. WSJ's Shelby Holliday discusses three reasons why lawmakers see the company as a threat. Illustration: Adam Falk (Originally published on May 21, 2018)
After President Trump offered ZTE an olive branch in a tweet, the Commerce Department ordered a reversal of the ban in June-A move that made ZTE a trading chip in the broader trade dispute between the United States and China. In return, ZTE He paid more than $ 1 billion in new penalties., conducted a senior leadership purge and agreed to the installation of a second compliance monitor.
On Thursday, ZTE said it expects a year-round loss of between 6.2 billion yuan and 7.2 billion yuan ($ 892 million and $ 1 billion).
"ZTE has fully restored its customer services," the company said in a statement.
The company also said it unveiled a series of new patents related to the upcoming release of 5G or 5G wireless networks. The company said it had a line of 5G devices, including smartphones, tablets and routers.
The company's shares in the Hong Kong list have dropped 58% this year.
Write to Dan Strumpf in daniel.strumpf@wsj.com
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