China's ZTE sees revenue surge in first 3 quarters

China's telecom equipment maker ZTE saw its operating revenue surge 15.4 percent year on year to 74.13 billion yuan (US$11.11 billion) in the first three quarters of this year.

In the third quarter alone, ZTE realized an operation revenue of 26.93 billion yuan, an annual increase of 37.2 percent, the company said in a report Wednesday, adding that the net profit attributable to common shareholders reached 850 million yuan.

It invested 10.79 billion yuan in research and development in the January-September period, up 15.3 percent year on year, accounting for 14.6 percent of its operation revenue.

By the end of September, ZTE had obtained 55 commercial 5G contracts and started 5G cooperation with more than 90 telecom operators around the world.