Telecom network vendor ZTE today said its third quarter revenue rose 24 percent to RMB 21.1 billion, while net profit grew 191 percent to RMB 703 million.

ZTE said smartphone and 4G equipments contributed to the growth in profit.

Q3 revenue of Nokia Networks, one of the main rivals of ZTE, grew 13 percent to EUR 2.9 billion mainly due to surge in 4G-driven mobile broadband business in North America and Greater China.

ZTE said sales of handsets increased more than 40 percent. It did not share shipment of smartphones. China, the United States and Japan contributed to the revenue growth in phone business.

ZTE posted growth in revenue from Carriers’ Networks, including 4G systems, in addition to Telecommunications Software Systems. The company did not disclose specific growth details about telecom carrier business.

For the first nine months, ZTE net profit increased 232 percent to RMB 1.83 billion, while revenue rose 7.8 percent to RMB 58.8 billion.

The company said its 4G LTE, 100G Optical Networks, Gigabit Passive Optical Networks, network routers and premium smartphones grew in Europe, North America and China.

ZTE research and spending increased to RMB 927 million, or 11.5 percent of revenue, in the third quarter of 2014.

ZTE said its net profit will be between 2.5 billion to 2.8 billion in 2014, growing between 84.1 percent and 106 percent, for the full year.

Baburajan K
[email protected]