ZTE’s full-year loss may reach $460m
Jan 23, 2013
ZTE issued an earnings warning for 2012, saying it may lose $400m to $460m for the full year, a reversal of up to 241 per cent from 2011’s results. The expected loss stems from delays in the progress of some network projects, the recognition of earlier lower-margin contracts and a drop in revenue for terminal products.
However, saying it expects to report a profit in 2013’s first quarter as it executes a comprehensive strategic review begun last year to sharpen its focus on key products and markets and strengthen cash flow management. It said it also has risen from ninth to fourth position in the global smartphone market, as its terminal division shifts to higher-end segments and away from emerging countries.
FierceBroadbandWireless: ZTE's full-year loss may reach $460M; TelecomTV content partner.
Stay up to date with the latest industry developments: sign up to receive TelecomTV's top news and videos plus exclusive subscriber-only content direct to your inbox – including our daily news briefing and weekly wrap.