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April 18, 2018, 10:02 a.m. EDT

ZTE pushes back earnings release after U.S. ban

Chinese smartphone maker ZTE Corp. (SHE:CN:000063) said that Wednesday it would delay its first-quarter earnings report after the U.S. Commerce Department banned American companies from selling components to ZTE earlier in the week. The U.S. issued the seven-year ban as a result of ZTE's failure to carry out an agreement reached in the wake of its prior violation of U.S. sanctions on Iran. ZTE has been fielding questions from components makers and carriers about how the ban will impact their businesses, according to Reuters . ZTE was due to report results Thursday. Shares of Acacia Communications Inc. (NAS:ACIA) , which derived 30% of its revenue from ZTE last year, are down 36% this week, while shares of optical companies Finisar Corp. and Lumentum Holdings Inc. (NAS:LITE) are also lower on the week. The S&P 500 (S&P:SPX) is up 2.1% so far this week.

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