ZTE announces 2011 financials: turnover up, profits down, political scandals tricky

GSBot · March 30, 2012, 8:00am

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ZTE’s annual earnings report is out and it’s a mixed bag for the Chinese company with aspirations to go west. Turnover grew to 86.25 billion RMB ($13.7 billion) but net profit fell a hefty 36.6 percent to 2.06 billion RMB ($327 million). More than half of that revenue came from overseas as the company moves into the global space and, while some of the cash came from its smartphone business, much more came from its infrastructure arm that supplies LTE gear to networks. At the same time, ZTE is having to deal with accusations that it sold $131 million worth of snooping gear to Iran to monitor its own citizens, forcing the company to limit its operations there – although it insists this won’t have any impact on its future income.Continue reading ZTE announces 2011 financials: turnover up, profits down, political scandals tricky
ZTE announces 2011 financials: turnover up, profits down, political scandals tricky originally appeared on Engadget on Fri, 30 Mar 2012 04:08:00 EDT. Please see our terms for use of feeds.
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