Economics
ZTE Fails to Address U.S. Sanctions as It Says Earnings Surged
- Currently unable to accurately assess sanctions impact
- First-quarter net income surged 39 percent, ZTE says
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ZTE Corp. reported its earnings have surged, without addressing the impact of U.S. sanctions that threaten to derail its crucial global expansion into next-generation telecoms networking.
The second-largest Chinese telecom gear maker, which had delayed its results release by a week to digest a seven-year ban on purchasing American components, didn’t offer an update on the crisis. Instead, the Shenzhen, China-based company reported a 39 percent jump in net income for the first quarter and merely said it was still assessing the impact of being placed on the Commerce Department’s blacklist.