ZTE up 7% after AI pivot, computing surge drive fivefold increase in third quarter profit
For the first nine months, computing-related revenue surged over 70 per cent, accounting for 38 per cent of total sales
Shares in ZTE rose as much as 7 per cent in Hong Kong on Tuesday morning after the Chinese telecommunications equipment maker posted a nearly fivefold jump in third-quarter profit, driven by rapid expansion in its computing infrastructure and overseas operations.
Net profit attributable to shareholders reached 1.31 billion yuan (US$196.3 million) for the three months ended September 30, up 395 per cent from a year earlier, according to an exchange filing released on Monday evening. Revenue climbed 34 per cent to 38.81 billion yuan over the same period.
