ZTE Corp., China's second-largest telecom equipment maker, announced Tuesday that its net income in the third quarter rose 40.6 percent to 988 million yuan (155.6 million U.S. dollars).
During the July-Sept. period, the firm's revenues rose 7.2 percent year on year to 22.6 billion yuan, ZTE said in a filing to the Shenzhen Stock Exchange.
In the first nine months, net income rose 42.2 percent to 2.6 billion yuan, while revenues jumped 16.5 percent to 68.5 billion yuan.
ZTE said mobile e-commerce, e-learning, agricultural modernization and smart city construction are driving the fast growth of its new business, including cloud computing, big data and video.
The company said its smart city solutions have been adopted in more than 140 cities in 40 countries and the Belt and Road Initiative will bring about more business opportunities.
