China-based mobile firm ZTE watched its financial performance soar in the first quarter, and it expects much of the same in the coming months.
ZTE's profit during the first quarter hit 622 million yuan ($100 million), increasing nearly 204 percent compared with the same period in 2013. Revenue was up 5.5 percent to 19.05 billion yuan year over year.
ZTE has become a powerhouse in China's telecommunications space. The company makes wireless equipment for carriers, as well as mobile devices. Last week, the company had said that it expected to post strong improvements in profits due to "higher-margin contracts."
Looking ahead, ZTE expects more of the same. The company says that its first-half profit is expected to be up between 158 percent and 223 percent compared with the same period in 2013.