ZTE saw its revenue growth slow to 1.5 percent in the third quarter from 13 percent in the first half. Revenues totaled CNY 19.63 billion in Q3, while underlying net profit fell 18.6 percent to CNY 98 million.
Over the first nine months of 2019, revenues rose 9.3 percent to CNY 64.24 billion, and net profit jumped 157 percent to CNY 4.13 billion, thanks to one-time gains on a property deal. The profit figure was in line with ZTE's outlook, and the company said the result should reach CNY 4.3-5.3 billion over the full year.
ZTE did not provide a further breakdown of revenues. In a press release, the group highlighted its further progress in 5G, as it assists in the roll-out by Chinese operators and with over 60 operators worldwide. In total, ZTE said it has 35 commercial contracts for 5G networks, and the company has also launched 5G end-user devices with over 20 operators.
