ZTE Expected To Make A Loss Of About $317 Million For Q3

Posted on Oct 15 2012 - 5:43am by Editorial Staff

Chinese networking company ZTE is expecting to make a loss of up to 2 billion yuan (about $317 million) for its third quarter, ended September 30, 2012. This while comparing this with a profit of 299 million yuan ($47 million) in the same year, according to company’s preliminary results statement to the Hong Kong Stock Exchange Sunday.

ZTE said its business has been “adversely affected” by the Iranian market. “The United States Department of Commerce and the United States Department of Justice are currently investigating [ZTE] and its subsidiaries over deals with Iran, and we are lending our cooperation in respect of such investigation,” it noted in the statement.

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