Sales Up, Profits Down at China’s ZTE
Fast-growing Chinese smartphone maker ZTE said on Thursday that it had revenue of 86.25 billion yuan in 2011 ($13.67 billion), up 23.4 percent from the prior year.
The company said it was the second-fastest-growing smartphone maker in the world, and the fourth-largest mobile phone maker overall.
ZTE said it gained in its home market as well as other markets, including the U.S., where the company has been steadily increasing its presence.
Despite the increased sales, though, ZTE saw its profit drop by more than a third, to 2.06 billion yuan ($326.5 million).