ZTE Report Growth Despite Sanction Violations
Chinese tech player ZTE has released its latest quarterly earnings report, growing revenues 1.04% to 101.2 billion yuan (approximately $19.3B) despite taking a hit to their bottom line as a result of violating US trade sanctions late last year.
Though their revenues did grow, ZTE admitted in its financial report a net loss for the company of 2.36 billion yuan as a result of the US$1.19 billion fine handed to them after they plead guilty in the case.
“Without the provision, ZTE would have posted a net profit of 3.83 billion yuan, 19.2 percent higher than a year earlier,” the company insisted.
The company attributed increased deployments of its network solutions as well as growing sales of its smartphones in the US, Europe, and Australia, as major driving factors behind the growth in revenue.
In their report, ZTE has claim to be the third largest smartphone vendor in Australia. Though to be fair, that’s a claim that they share with more than a few of their competitors so it’s difficult to know for sure.
ZTE, Oppo, Huawei, Alcatel, HTC and Sony have all insisted at various points (over the last year or two) that they hold the third place position behind Samsung and Apple.