Brief News: Exchange rate fluctuations drag down ZTE's net profit in the first quarter, down 46.6% year-on-year
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ZTE Corporation announced its financial report for the first quarter of 2023, with revenue increasing by 6.1% year-on-year to approximately 34.99 billion yuan, but net profit plummeted by 46.6% to 1.31 billion yuan. After deducting non-recurring gains and losses, net profit fell by 52.2% to approximately 936 million yuan. The company stated that the decline in profit was mainly affected by exchange rate fluctuations and asset impairment losses, with operating cash flow turning into a net outflow of approximately 1.98 billion yuan. Nevertheless, the stock price rose by 7.26% on Monday, closing at HKD 26
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