ZTE has posted a 29.8% growth in net profit for the first six months of the year as a result of strong mobile network and smartphone sales.
The Chinese vendor's net profit for the period grew to 2.29 billion yuan, on the back of a 13.1% increase in revenue to 54.01 billion yuan. Carrier networks revenue accounted for 59.9% of total revenue.
In the wireless segment, ZTE said it has now deployed over 60 pre-5G networks and 240 SDN and NFV networks globally. In wireline networks ZTE secured contracts with operators from Germany, Spain, Japan, Russia, Thailand and China.
Smartphone sales meanwhile grew 15% due to growth in shipments to Australia, Germany, Canada and Spain.
During the quarter ZTE also ramped up its R&D spending to 6.68 billion yuan, or 12.4% of revenue, taking total R&D spending for the past 12 months to over 10 billion yuan.
The company is focusing its investments on 5G, IoT and coud computing, and was recently ranked number 1 in the World International Property Organition's latest annual list for patent applicatio. ZTE aims to take a leading role in 5G standardization and commercialization efforts.ns.
During the the period ZTE also established its domestic enterprise business segment, focused on rail transit deployment, financing and government projects.