7/17/2012 11:33:30 AM
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