ZTE swings to $342.6m loss after US settlement
TelecomAsia - Telecom Asia - 24-03-17 07:38
ZTE swung to a 2.36 billion yuan ($342.6 million) loss for 2016 after agreeing to pay an $829.3 million fine to settle a US investigation over the vendor's alleged violation of trade sanctions against Iran.
Without the provision to pay for the settlement, ZTE would have posted a 19.2% increase in net profit to 3.83 billion yuan.
Operating profit increased to 1.17 billion yuan, with revenue growing 1% to 101.2 billion yuan. Revenue from carrier networks grew 2.9% to 58.88 billion yuan, with ZTE attributing the gains to strong traction for its Pre5G, Big Video and NFV product...