ZTE Corp, the world’s fifth-largest telecoms equipment maker by shipments, yesterday reported the steepest drop in net profits since the Chinese company went public six years ago.
The setback comes as sluggish telecoms infrastructure spending and handset price wars combine with roadblocks in western markets.
ZTE’s net profits in the June quarter were down 85 per cent from a year earlier to Rmb94m ($14.8m). Net earnings for the first half dropped 68 per cent to Rmb245m, in line with a warning the company issued last month.
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