ZTE announced a record loss of $ 1 billion in 2018
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The Chinese company had to look for solutions to many unexpected problems that arose for their business in the past year. The situation dramatically deepened with the introduction of a ban on the sale of their products by the US government.
This is a solution that greatly limits ZTE’s revenue opportunities in one of the most attractive global markets. All this generates a series of processes that almost led to the company’s failure, announced GizmoChina.
However, ZTE has found a way to deal with the situation and signed a deal to pay off their debts. However, the Chinese manufacturer has accumulated huge liabilities over the past year and has officially claimed more than $ 1 billion in losses for the calendar year 2018.
In practice, these figures mean that ZTE will continue to face difficulties in the upcoming quarters, but also that it takes more time to stabilize the unpleasant situation they are forced to face.
The loss is not surprising for ZTE, which predicted the realization of similar results. Investors, however, were hoping that the amount would be much lower than the announced one.
It is important to note that in the period October-December ZTE has restored its normal operation and even reported a profit of 41 billion dollars. The company will try to re-establish its position on the US market and intends to invest heavily in 5G networks as a potential source of future revenues.
ZTE announced a record loss of $ 1 billion in 2018.