Shares of ZTE Corporation, a leading Chinese telecom equipment maker, plummeted as much as 7.74% on October 22nd after the company reported weaker-than-expected third-quarter earnings results.
According to the earnings report released late Monday, ZTE's net profit for the third quarter dropped by 8.2% year-over-year to 2.17 billion yuan (around $305 million). Furthermore, the company's total revenue declined by 3.9% compared to the same period last year, reaching 27.56 billion yuan (around $3.87 billion).
The revenue decline was primarily attributed to ZTE's domestic carrier network business, which faced pressure from declining capital expenditures by telecommunications operators in China. Analysts from Citi noted that this trend might continue to weigh on ZTE's domestic carrier business in the near future.
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