ZTE Profits Sink, But Sales Are Recovering ‘Rapidly’ After U.S. Ban
ZTE said net income fell 65% for the third quarter but business is bouncing back quickly
ZTE Corp., the Chinese telecom giant rescued from collapse by the Trump administration, eked out a profit in its most recent quarter and said business is “rapidly recovering” after a ban on it buying from U.S. suppliers ended earlier this year.
The Shenzhen, China, company reported a net income of 564 million yuan ($81 million) for the third quarter, down 65% from the period a year ago.
The...