ZTE's Profit Rises as Margins Improve

By Sherry Qin

ZTE grew its net profit by 15% in 2023 as margins improved, while its revenue ticked up slightly.

The telecommunications equipment maker said late Friday that its profit came at 9.33 billion yuan ($1.30 billion) for last year, up 15% from 2022.

Revenue was CNY124.25 billion, compared with CNY122.95 billion in 2023, supported by the carriers' network business. The segment, which contributes most of ZTE's revenue, had 3.4% growth in revenue thanks to higher contributions from wireless and wireless products, the company said.

ZTE's 2023 gross profit margin came in at 41.53%, an increase of 4.34 percentage points. It attributed the rise to margin improvements for the carriers' network segment, the government and corporate business, and its consumer business.

ZTE declared a final dividend of CNY6.83 per 10 shares.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

March 10, 2024 20:19 ET (00:19 GMT)

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