ZTE posts a loss in final quarter of 2016 due to US fine

ZTE was accused of violating US trade sanctions against Iran and North Korea and the company plead guilty to those charges. It has agreed to pay a settlement of $892 million, a fine that pushed the company’s bottom line in the red – a $760 million loss for the final quarter of 2016. The company could be on the hook for another $300 million if it violates the conditions of the settlement.

The quarter before that ZTE posted a profit of $158 million, but the fine was big enough to put the company’s profits for the whole 2016 into the negative – a $343 million loss, instead of the expected…