ZTE reports lower 2015 profit due to U.S. export sanctions

ZTE ratcheted down its 2015 net profit due to the sanctions the U.S. government imposed for allegedly violating its export controls on Iran. The Chinese telecom gear manufacturer reported $493.3 million in net profit for the year, down from the $586 million it posted in a preliminary report in January.

The company was slapped with the sanctions a month ago, requiring the company's suppliers to apply for an export license before shipping any U.S.-made equipment or parts to ZTE. The restrictions, which almost surely had an impact on American companies such as Qualcomm, Broadcom and Intel, were temporarily eased two weeks ago and could be further relaxed if ZTE continues to address the concerns of the U.S., Reuters reported. Article