Stock Track | ZTE Plummets 5.06% Intraday as Profit-Taking Hits After Multi-Day Rally and Weak Q1 Earnings

Stock Track

Jun 08

ZTE's stock plummeted 5.06% during intraday trading on Monday, marking a significant pullback for the telecommunications equipment manufacturer.

The sharp decline is attributed to profit-taking pressure emerging after the stock accumulated substantial gains in recent sessions. Additionally, the company reported first-quarter net profit attributable to shareholders of RMB 1.31 billion, representing a 46.58% year-over-year decline, which added fundamental headwinds to the technical pullback.

The sell-off follows a strong rally driven by multiple positive catalysts, including Morgan Stanley upgrading its rating and raising the target price for ZTE, the company's deepening cooperation with ByteDance to integrate AI capabilities into smartphones via the Doubao AI assistant, and a partnership with Tencent to launch an AI cloud computer product.

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