March 2018 | 上海夜生活,上海夜生活网,上海夜网论坛

ZTE Corp shares surge 14 percent, forecasts first-quarter rebound

HONG KONG ( ) – Shares of ZTE Corp rose as much as 14 percent on Thursday after the company forecast a first quarter profit of up to 1.2 billion yuan ($178.18 million) as it recovers from U.S. sanctions.

The Chinese telecommunications equipment maker said in filings late on Wednesday it expected to make a net profit of 800 million to 1.2 billion yuan in the first quarter of 2019, up from a net profit of 276 mi上海夜生活论坛llion yuan in the December quarter.

ZTE, the world’s fourth-largest telecommunications equipment maker by market share, was forced to stop most business between April and July last year due to U.S. sanctions.

The sanctions were lifted after ZTE paid $1.4 billion in penalties. The company reported its worst half-year loss of 7.8 billion yuan in August..

That resulted in a 2018 full year loss of 7 billion yuan, just within its guidance range of 6.2 billion yuan to 7.2 billion yuan, but deeper than the average 6.2 billion yuan loss estimated by 10 analysts, according to Ref,上海夜生活网419Paisley,initiv Eikon data.

Hong Kong-listed shares of ZTE jumped as much as 14 percent to HK$25, while Shenzhen-listed shares rose by the daily maximum limit of 10 percen,夜上海论坛Barbara,t.

ZTE said its revenue for the quarter ending in December was 26.7 billion yuan, while it,上海021夜网Gabrielle,s full-year revenue dropped 21.4 percent to 85.5 billion yuan, against an average estimate of 87 billion yuan by 12 analysts.

($1 = 6.7233 Chinese yuan renminbi)