Chinese ZTE in 2018 made a loss of more than 1 billion dollars due to a fine in the United States


Chinese company ZTE, which produces telecommunications equipment, reported that by the end of 2018 recorded a net loss in the amount slightly above $1 billion. The company became unprofitable last year as a result of paying a fine to the US authorities in the amount of $1 billion 400 million for violating the sanctions regime imposed on Iran and North Korea. The decision of the US ministry to ban the purchase of ZTE products by US technology companies could lead to the complete cessation of its business. Therefore, after negotiations with the US government, the Chinese company agreed to large-scale changes in its leadership, appointing, among other things, a new chief executive officer. Last year, ZTE revenues fell by 21% to 85 billion 510 million yuan.

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