Chinese electronics giant TCL Corp. posted strong results on Tuesday in its first earnings report after a major restructuring effort to focus on its semiconductor and display businesses.
TCL booked an operating revenue of 29.6 billion yuan ($4.4 million) in the first quarter, up 15.5% from the previous year — an improvement on last year’s year-on-year revenue growth of 1.02% in the same period. Meanwhile, profit attributable to shareholders came in at 799 million yuan in the first quarter, up 6.6% from the same period last year.
TCL, which used to make and sell BlackBerry and Alcatel smartphones along with household appliances, announced earlier this month that it had finished a reorganization plan to spin off most of its product business. The company transformed itself from a hybrid company to one purely focused on display panels and accompanying microchips.