After taking a beating from the U.S. government, ZTE expects a $1 billion loss this year

ZTE, the Chinese smartphone maker that was pummeled by the United States government in a legal battle earlier this year, has posted its earnings results for the last quarter after it resumed its activities this summer. As expected in the wake of the fines and punishments delivered in recent months, the numbers aren't that great, but the company did manage to post a profit of 564 million yuan ($81 million) in the last three months. This is down 65% from last year before the legal trouble with the U.S. came to light.

As it attempted to get back in business following the import ban imposed by the American government, ZTE had to pay a number of fines and make some changes to its management. These fines, specifically the $1 billion that it agreed to pay in June, had a major impact on the company's financials in previous quarters, and as such, the company also announced an expected loss ranging from 6.2 to 7.2 billion yuan - between $890 million and $1 billion - for the current year.

Nonetheless, the smartphone maker is set on getting back on its feet going forward. It's already announced the Axon 9 Pro since getting back in business, and Nubia, which ZTE partially owns, has an intriguing dual-screen phone coming towards the end of the month as well. It remains to be seen, however, if it will be able to recover from the beating it endured this year.

Source: ZTE via Reuters

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