ZTE, the Chinese telecommunications equipment maker is set to post a loss of $279.2 million for the first nine months of 2012. This is according to preliminary results announcement ZTE made on the Hong Kong Stock Exchange on Sunday.
ZTE's revenues have been slammed by a bad economy, and the Chinese company's money has not been helped by their constant problems with legislators and regulators both in the US and EU. ZTE's preliminary results announcement predicts that its loss will be somewhere between $263.3 and $279.2 million.
ZTE's operating revenue for the quarter ending September 30 is down 13% year-over-year. The company also reported lower overall gross profit margins for the first nine months of 2012 leading up to September 30. The company also noted that they were currently under investigation by the US Department of Commerse and Department of Justice over their dealings with Iran.