ZTE ups first-half guidance citing improving margins, 4G contracts
BEIJING, July 14
BEIJING, July 14 (Reuters) - Chinese telecom equipment maker ZTE Corp on Monday raised its earnings guidance for the first half of 2014, citing improving margins in its global business as well as revenue from new contracts to build China's next-generation telecoms network.
The Shenzhen-based company said it expected first-half net profit of between 1 billion yuan ($161.1 million) and 1.15 billion, having previously forecast between 800 million and 1 billion.
In May, China Mobile, the world's largest carrier by subscribers, awarded a significant portion of its 4G next-generation telecom equipment contracts to ZTE, as well as rival Huawei Technologies.
Meanwhile ZTE has been pushing aggressively into the high-end smartphone and tablet market, in response to rising competition from low-cost, low-margin handset makers emerging in China. ($1 = 6.2059 Chinese Yuan) (Reporting by Beijing Newsroom)
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