Chinese vendor ZTE said it expects its first-quarter net profit to more than double year-on-year, to an estimated CNY 1.8-2.4 billion ($276.7-368.9 million), mainly driven by continued revenue growth and improving gross margins and profitability.
In its 2020 earnings statement, the Asian vendor reported a net profit of CNY4.26 billion ($655.2 million) in 2020, down 17.3% year-on-year, attributed to a one-off gain booked in 2019.
Revenue for full 2020 amounted to CNY101.5 billion, up 11.8% compared to the previous year.
