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ZTE Q3 profit gains 18%, short of forecast
By Zhu Shenshen |
October 28, 2010, Thursday
|
Online Edition
Online Edition
ZTE Corp, China's biggest public telecommunications equipment maker, posted today a less-than-expected third quarter result because carriers spent less on networks and the company faced political hurdles in India and Europe.
The Shenzhen-based firm plans to continue expanding into the mobile phone market and explore the United States market to keep high growth. It announced a plan early this week to buy US$3 billion worth of chips from US-based Texas Instruments and Qualcomm.
ZTE's net profit rose 18 percent year-on-year to 483.9 million yuan (US$72.4 million) from July to September, or 0.17 yuan a share, lagging the Bloomberg forecast of 525 million yuan.
The revenue was 15.3 billion yuan from 15.1 billion yuan, compared analysts' estimate of 17.4 billion yuan.
Chinese telecommunications equipment makers, including Huawei and ZTE, are expanding overseas with good product quality and lower prices, which have grabbed market shares from telecom giants like Nokia, Siemens and Ericsson, industry insiders said.
ZTE won contracts in the third quarter to supply network equipment to Hungary, Taiwan and Turkey and agreed to sell handsets in the United States through Verizon Wireless.
The Shenzhen-based firm plans to continue expanding into the mobile phone market and explore the United States market to keep high growth. It announced a plan early this week to buy US$3 billion worth of chips from US-based Texas Instruments and Qualcomm.
ZTE's net profit rose 18 percent year-on-year to 483.9 million yuan (US$72.4 million) from July to September, or 0.17 yuan a share, lagging the Bloomberg forecast of 525 million yuan.
The revenue was 15.3 billion yuan from 15.1 billion yuan, compared analysts' estimate of 17.4 billion yuan.
Chinese telecommunications equipment makers, including Huawei and ZTE, are expanding overseas with good product quality and lower prices, which have grabbed market shares from telecom giants like Nokia, Siemens and Ericsson, industry insiders said.
ZTE won contracts in the third quarter to supply network equipment to Hungary, Taiwan and Turkey and agreed to sell handsets in the United States through Verizon Wireless.
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