ZTE said its net profit surged 18.6% year-on-year last year
Chinese vendor ZTE reported operating revenues of CNY 122.95 billion ($17.68 billion) in 2022, up 7.4% year-on-year.
In its earnings statement, the Chinese company said that its net profits amounted to CNY 8.08 billion, an increase of 18.6% year-on-year.
“The year 2022 marked the start of the company’s expansion phase. During the year, the company, although confronted with great challenges from [an] uncertain, complex macro environment, kept solidifying its position with innovative initiatives while maintaining steady operations,” ZTE said.
In 2022, ZTE invested CNY 21.60 billion in R&D, which accounted for 17.6% of the total annual revenue.
“In 2022, operating revenue in both the domestic and international markets, and operating revenue in the company’s three major businesses including carriers’ networks, government and enterprise business, as well as consumer business, all achieved a year-on-year growth,” the vendor said.
ZTE noted that the operating revenue of domestic market reached CNY 85.24 billion in 2022, accounting for 69.3% of its overall operating revenue while the operating revenue from international market amounted to CNY 37.71 billion, totaling 30.7% of its overall operating revenue.
In its carrier network business, ZTE achieved an operating revenue of CNY 80.04 billion last year, an increase of 5.7%, compared to 2021. “During the period, ZTE continued to increase the global market share of key products such as wireless networks and wired networks,” the company said.
In its government and corporate business, ZTE’s operating revenue increased by 11.8% year-on-year to CNY 14.63 billion during 2022. ZTE’s core products such as server and storage, GoldenDB distributed databases, and cloud computers, have achieved rapid growth in the number of top customers across the industries including finance and Internet,” the vendor said.
In consumer business, ZTE reached revenue of CNY 28.28 billion last year, up 9.9% year-on-year.
“Moving forward, despite the complex external environment, ZTE will stay committed to implementing the positioning of a “Driver of Digital Economy” by maintaining its strategic determination and grasping the development trend of digitalization and decarbonization,” ZTE added.
