ZTE Hit trouble – Profit warnings send shares tumbling

ZTE Hit trouble   Profit warnings send shares tumbling

Shares in mobile-maker ZTE have fallen 17% following warnings that half-year profits could go down by a massive 80%. To make matters worse there’s rumours that 12,000 staff are to be pushed out the door, plus the FBI are investigating the sale of banned kit to Iran.

ZTE are to launch a gaming handset of Wednesday, so this news really couldn’t have come at a worse time as the company looks to grow their business in Europe and the US.

Links – BBC News

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