Photo: Thomas Peter / Reuters
Chinese smartphone maker ZTE received a loss of $ 1.1 billion in the first half of 2018 due to the imposed us sanctions, writes The Wall Street Journal.
According to the report, the company revenues in the first half of the year fell 27 per cent to 5.91 billion compared to the same period last year. In the first half of 2017 ZTE made a profit of $ 345 million.
In the spring of 2018 ZTE came under US sanctions for cooperation with Iran and North Korea. According to Washington, the company sold them U.S.-manufactured equipment in violation of the ban.
ZTE was forbidden to buy American equipment, and to operate in the US market. After that, the company announced the suspension of production. However, in June, the parties came to an agreement. The U.S. government allowed the company to return to its market, instead of obliging her to pay a fine of a billion dollars and change leadership.
Video, photo All from Russia.