ZTE reported a slowdown in growth in the third quarter. Revenues for the first nine months of the year rose 7 percent year-on-year to CNY 76.6 billion, compared to a reported increase of 13 percent in the first half of 2017. ZTE said growth came mainly from carrier networks and consumer products.
Operating profit for the nine months rose to CNY 5.3 billion from CNY 952 million a year earlier. ZTE said this was due to a new accounting method for government grants, which was not applied retroactively.
Net profit increased 36.6 percent to CNY 3.9 billion. This was helped by the sale of a 10 percent stake in the company Nubia Technology and a gain on the positive revaluation of its remaining 49.9 percent in Nubia CNY 1.75 billion.
