March 27, 2019
zte reports 1 billion in losses for 2018
ZTE went through a tough 2018 after battling with the US government for allegedly violating export restrictions resulting in a temporary ban and hefty fines. Now, the company finds itself amidst it’s highest reported annual loss coming in at 6.98 billion yuan ($1.04 billion) largely due to the $1 billion fine it had to pay to the US government. This move brought the company to its knees, banning US component suppliers from working with ZTE.
Elsewhere officials from Australia, New Zealand and Japan followed suit and banned ZTE and fellow Chinese telecom giant Huawei from establishing 5G…