Chinese equipment vendor ZTE announced double-digit profit growth despite the external environment remaining complex and volatile in 2023 for the company.
In a statement, the company reported net profit in Q1 increased by 19.2% year-on-year to CNY2.64 billion (US$377.3 million), despite an asset impairment loss of CNY409.3 billion.
Revenue grew 4.3% to CNY29.1 billion, while consolidated operating expenses dropped 6.9% to CNY16.1 billion, and R&D spending grew to CNY5.9 billion.
ZTE said it had adopted strategies for "precision and pragmatism for steady growth", and it will aim to be more resilient to uncertainties, while also allocating resources more efficiently and optimizing processes.
Elsewhere in the business, senior director of the ZTE CTO Group Hans Neff, urged operators to build sustainable green fibre-to-the-home (FTTH) networks, stating this is a key direction for network development to benefit the whole of society. The executive was speaking at the annual FTTH Conference in Madrid.