Stock Track | ZTE Plummets 5.06% Intraday Amid Sector Weakness and Poor Q1 Earnings

Stock Track06-23

ZTE Corporation's stock plummeted 5.06% during intraday trading on Tuesday, as the communications equipment sector faced renewed selling pressure following a brief rebound in the previous session.

The decline was driven by multiple factors including sector-wide weakness, with peers also showing significant losses. Additionally, ZTE's first-quarter earnings continue to weigh on investor sentiment, with the company reporting a 46.58% year-over-year decline in net profit attributable to shareholders and a 52.16% drop in non-GAAP net profit.

Foreign institutional investors have shown caution toward ZTE, with JPMorgan steadily reducing its holdings in ZTE H-shares from 7.65% to 6.14%, reflecting ongoing concerns about the company's near-term prospects amid challenging market conditions.

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