Chinese equipment vendor ZTE was hit by weakness in global demand in Q3, recording a double-digit decline in operating revenue but posting a profit in part due to a jump in extraordinary gains.
ZTE stated it maintained a stable performance despite a challenging global macroeconomic environment impacting the ICT industry.
Net profit rose 5.1 per cent year-on-year to CNY2.4 billion ($328.6 million), aided by CNY177.1 million in one-off gains. Revenue declined 12.4 per cent to CNY28.7 billion.
For the first six months of 2023, revenue grew 12.7 per cent to CNY59.8 billion.
R&D spending increased 18.6 per cent to CNY19.1 billion, accounting for 21.3 per cent of operating revenue compared with 17.4 per cent in the same period in 2022.