ZTE records CNY 2.64 billion profit, 19.2 percent year-on-year growth (Q1 2023)

China-based Telecommunications giant ZTE recently published a report talking about its profit in Q1, 2023.

File photo: ZTE logo, MWC 2023 booth in Barcelona, Spain

Growth for ZTE during the quarter

During the period, ZTE recorded revenue of CNY 29.14 billion (Same as RMB) or around PHP 234.2 billion. This is equivalent to an increase of 4.3 percent year-on-year (YoY).

The company also reported that its Q1 2023 result shows that the net profit attributable to holders of ordinary shares of the listed company reached CNY 2.64 billion (around PHP 21.2 billion) or an increase of 19.2 percent. 

ZTE also shared that holders of ordinary shares of the listed company for the same period were CNY 2.45 billion or an increase of 25.7 percent growth each year.

The net cash flows from its operating activities also increased by 95.9 percent or CNY 2.33 billion versus last year (same period).

ZTE said that they will also continue to adopt the business strategy of "precision and pragmatism for steady growth" as the global environment remains "complex and volatile" in 2023 which poses challenges to corporate business operations.

ZTE aims to enhance its foresight, resilience, and adaptability to uncertainties by positioning its business precisely, allocating resources efficiently, and optimizing processes continuously.

With its long-term expertise in ICT full-stack core capabilities, ZTE delivers a comprehensive and efficient digital foundation across network, cloud network, and computing power to customers worldwide. It also capitalizes on the opportunities arising from China's digital transformation and artificial intelligence applications. The overall performance in the first quarter of 2023 is secured steady growth, as it continues its operational efficiency and resilience.

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