ZTE profits and revenues up over 40%, company issues a statement to shareholders: “I’m rich, bitch!”

You may or may not have heard of ZTE. They’re a company based out of China that make mobile phones for operators all over the world, such as a solar powered model for Kenyan operator Safaricom, but more importantly they sell infrastructure equipment so that you and I can curse at our devices when they switch from HSPA to EDGE, and iPhone users can cry thanks to getting a majority of their calls dropped. The company just posted their 1H2009 results, and compared to 1H2008, they made 40.4% more revenues, or $4.06 billion, and 40.5% more in profits, or $114.2 million. Granted, a lot of that money came from their home turf due to China attempting to expand their 3G capabilities. Revenues for the China market increased by 111.7% or $2.19 billion, while the international market, which accounts for 46.0% of total revenues, only increased by 0.7% or $1.87 billion. In conclusion: China’s wireless sector is booming, while the rest of the world is buying microwave dinners and sitting in front of the TV because they’re too poor to eat out.

[Via: Digitimes]