Following a warning that their half year profits could drop by up to 80%, shares in Chinese manufacturer, ZTE, dropped by 17% to a 3-year low.
The news continues a run of bad press for ZTE in recent weeks, with reports emerging that allege an FBI investigation also hangs over them amid investigations around the sale of banned equipment to Iran.
ZTE, like fellow Chinese OEM Huawei, is trying to break into the western market with their latest range of Android devices. Indeed, this week we're promised the unveiling of an 'advanced gaming smartphone' at an event being held in London. Given the bleak financial outlook, an game-centric device may not be the way to turn things around, but on that front we'll just have to wait and see.
Source: BBC News