ZTE is posting huge third-quarter net profit growth and attributing the surge to the success of its smartphone and 4G equipment divisions.
The Chinese manufacturer recorded a net profit increase of 191 percent to nearly $115 million on quarterly revenue of more than $3.4 billion. The growth came in part on a 40 percent year-over-year increase in handset sales.
For the first nine months of its fiscal year, ZTE is eying a 232 percent increase in net profit but the company’s full-year outlook is only a net profit jump between 84.1 percent and 106 percent.
ZTE previously held a top five spot in the Chinese smartphone market, according to numbers from IDC, but has since shed share as that market has become more competitive and relative newcomers like Xiaomi have surged.
But ZTE says it’s still hanging on to its leading spot among LTE vendors in China.
As part of strategic changes within the company—and a focus on three core values, “Cool, Green, Open”—ZTE is pouring most of its efforts into telecommunications equipment, enterprise solutions, mobile devices and emerging technologies.
