ZTE's shares slump after profit warning

ZTE's shares slump after profit warning

ZTE's share price has fallen by almost 20% after the Chinese smartphone manufacturer warned its profits could plummet by as much as 80%.

Shares were trading as low as HK$10.30 (85p) this morning, a four-year low, after ZTE issued the guidance for the first half of this year. It said it expected profit to be between 154m yuan (£15.5m) and 308m yuan (£31.0m), compared to 769.3m (£77.2m) yuan last year.

It blamed a decline in income from investments, currency fluctuation and the sovereign debt crisis in the eurozone, along with a fall in domestic sales.

Editor: Graeme Neill

Written by Mobile Today
Mobile Today


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