Chinese equipment vendor ZTE registered double-digit profit growth in Q1 2023 despite challenges caused by a volatile external environment, as the company moved to streamline operations.
In a statement, ZTE explained it aims to become more resilient and adaptable by better positioning its business, more efficiently allocating resources and continuously optimising processes.
ZTE also vowed to take advantage of growth opportunities created by digital transformation in domestic market, China, and the adoption of new AI applications.
Net profit attributable to shareholders rose 19.2 per cent year-on-year to CNY2.6 billion ($377.3 million), despite booking CNY409.3 billion in asset impairment losses.
Revenue increased 4.3 per cent to CNY29.1 billion.
Consolidated operating expenses fell 6.9 per cent to CNY16.1 billion.
R&D spending grew 26.2 per cent to CNY5.9 billion.Subscribe to our daily newsletter Back