UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-Q

[ X ]  Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

For the quarterly period ended March 29, 1997

Commission File Number:  O-19406

Zebra Technologies Corporation                
(Exact name of registrant as specified in its charter)

Delaware                       			     36-2675536     
(State or other jurisdiction of   			(I.R.S. Employer
incorporation or organization)			    Identification No.)

333 Corporate Woods Parkway, Vernon Hills, IL  60061    
(Address of principal executive offices)     (Zip Code)

(847) 634-6700                       
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was 
required to file such reports) and has been subject to such filing requirements 
for the past 90 days.

[ X ]  Yes    [   ]  No

As of  April 28, 1997, there were the following shares outstanding:
Class A Common Stock, $.01 par value:	16,984,973
Class B Common Stock, $.01 par value:	7,255,404		


ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
QUARTER ENDED MARCH 29, 1997

INDEX


			                                                         	PAGE
                                                        
PART I - FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements
Independent Auditors' Review Report                           	2	
	
Consolidated Balance Sheets	as of  March 29, 1997
(unaudited) and December 31, 1996                              3

Consolidated Statements of Earnings (unaudited)
for the three months ended March 29, 1997 and
March 30, 1996                                                	4

Consolidated Statements of Cash Flows (unaudited)
for the three months ended March 29, 1997 and
March 30, 1996                                                	5

Notes to Consolidated Financial Statements                    	6

Item 2.	Management's Discussion and Analysis of
Financial Condition and Results of Operations                 	7

PART II - OTHER INFORMATION

Item 6.	Exhibits and Reports on Form 8-K                     	10

SIGNATURES	                                                   13



Item 1.	Consolidated Financial Statements

Independent Auditors' Review Report

The Board of Directors
Zebra Technologies Corporation:

We have reviewed the consolidated balance sheet of Zebra Technologies
Corporation and subsidiaries as of March 29, 1997, and the related consolidated
statements of earnings and cash flows for the three-month periods ended March
29, 1997 and March 30, 1996.  These consolidated financial statements are the
responsibility of the Company's management.

We conducted our review in accordance with standards established by the 
American Institute of Certified Public Accountants.  A review of interim 
Financial information consists principally of applying analytical procedures 
to financial data and making inquiries of persons responsible for financial 
and accounting matters.  It is substantially less in scope than an audit 
conducted in accordance with generally accepted auditing standards, the 
objective of which is the expression of an opinion regarding the financial 
statements taken as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that 
should be made to the accompanying consolidated financial statements for them
to be in conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing 
standards, the consolidated balance sheet of Zebra Technologies Corporation 
and subsidiaries as of December 31, 1996, and the related consolidated 
statements of earnings, stockholders' equity, and cash flows for the year 
then ended (not presented herein); and in our report dated February 7, 1997, 
we expressed an unqualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying consolidated 
balance sheet as of December 31, 1996, is fairly stated, in all material 
respects, in relation to the consolidated balance sheet from which it has 
been derived.

Chicago, Illinois                               KPMG Peat Marwick LLP	
April 15, 1997



ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)


                                                   March 29,     December 31,
                                                     1997           1996 
                                                  (Unaudited)
                                                          
ASSETS 
Current assets:
 Cash and cash equivalents                          $8,371         $5,168 
 Investments and marketable securities             104,246         89,372 
 Accounts receivable, net of allowances of
  $973 and $960                                     28,176         31,631 
 Inventories:
  Finished goods                                     9,593         10,428 
  Work-in-process                                      759            325 
  Raw materials                                     10,082         10,750 
 Total inventories                                  20,434         21,503 
 Deferred Income Taxes
 Prepaid expenses                                    1,544          1,322 
Total current assets                               162,771        148,996 
Machinery and equipment at cost, less
 accumulated depreciation and amortization          11,125         11,328 
Other assets                                         2,647          2,812 
Deferred tax asset                                       -            147 
Total assets                                      $176,543       $163,283 

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable                                   $9,149        $12,200 
 Due to related party                                    -              - 
 Accrued liabilities                                 4,997          4,180 
 Short-term note payable                                83              1 
 Current portion of obligation under capitalized
  lease with related party                              63             62 
 Income taxes payable                                7,276          3,750 
Total current liabilities                           21,568         20,193 
Obligation under capitalized lease with related
 party,less current portion                             99            115 
Long-term liability                                  2,211           2,211 
Deferred tax liability                               1,431               -
Other                                                  301             308 
Total liabilities                                   25,610          22,827 

Stockholders' equity:
Preferred stock, $.01 par value, 10,000,000
 shares authorized, none outstanding
Class A Common Stock, $.01 par value; 35,000,000
 shares authorized, 16,924,973 shares issued
 and outstanding                                       169             169 
Class B Common Stock, $.01 par value; 35,000,000
 shares authorized, 7,315,404 shares issued
 and outstanding                                        73              73 
Paid-in capital                                     30,386          30,386 
Retained earnings                                  119,858         108,624 
Unrealized holding gain/(loss) on investments            -             (6)
Cumulative translation adjustment                      447           1,210 
Total stockholders' equity                         150,933         140,456 
Total liabilities and stockholders' equity        $176,543        $163,283 


See accompanying notes to consolidated financial statements.



ZEBRA TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except for per share data)
(Unaudited)



                                                    Three Months Ended
                                                 March 29,       March 30,
                                                   1997            1996
                                                             
Net sales                                         $42,415         $38,352 
Cost of sales                                      21,185          19,919 
Gross profit                                       21,230          18,433 
Operating expenses:
 Sales and marketing                                 4,473           4,640 
 Research and development                            2,529           2,674 
 General and administrative                          3,434           3,312 
 Acquired in-process technology                          -           1,114 
Total operating expenses                            10,436          11,740 
Income from operations                              10,794           6,693 
Other income (expense)
 Investment income                                   1,082             859 
 Gain on securities                                  6,029             445 
 Other, net                                             11            (25)
Total other income                                   7,122           1,279 
Income before income taxes                          17,916           7,972
Provision for income taxes                           6,682           2,723 
Net income                                         $11,234          $5,249 
Net income per share                                 $0.46           $0.22 
Average shares                                      24,240          24,189 


See accompanying notes to consolidated financial statements.


ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)

                                             Three Months Ended
                                                 March 29,       March 30,
                                                    1997            1996
                                                           
Cash flows from operating activities:
Net income                                       $11,234          $5,249
Adjustments to reconcile net income to
 net cash provided by (used in)
 operating activities:
 Depreciation and amortization                       909             752 
 Appreciation in market value of investments
  & marketable securities                            564             304 
 Decrease (increase) in accounts receivable        3,455            (437)
 Decrease (increase) in inventories                1,069             (86)
 Decrease in other assets                            165             305 
 Decrease in accounts payable                     (3,051)         (1,549)
 Increase (decrease) in accrued expenses             810            (611)
 Increase in income taxes payable                  3,526             700 
 Increase in deferred income taxes                 1,578             352 
 Net decrease in other operating activities         (985)           (666)
 Net purchases of investments and
  marketable securities                          (20,911)         (4,288)
 Net cash provided by (used in)
  operating activities                            (1,637)             25 

Cash flows from investing activities:
 Purchases of machinery and equipment               (706)         (1,294)
 Net sales (purchases) of investments and
  marketable securities                            5,479            (890)
 Net cash provided by (used in)
 investing activities                              4,773          (2,184)

Cash flows from financing activities:
 Net proceeds from sale of stock                       -             345 
 Issuance of short-term notes payable                 82             204 
 Payments for obligation under capital lease         (15)            (14)
 Net cash provided by financing activities            67             535 
Net increase (decrease) in cash and
 cash equivalents                                  3,203          (1,624)
Cash including cash equivalents at 
 beginning of period                               5,168          10,017 
Cash including cash equivalents at end of period  $8,371          $8,393 

Supplemental disclosures of cash flow information:
 Interest paid                                        $3              $4 
 Income taxes paid                                $1,100          $1,685 


See accompanying notes to consolidated financial statements.



ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Basis of Presentation

The consolidated financial statements included herein have been prepared by
Zebra Technologies Corporation and subsidiaries (the "Company"), without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission.  Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules
and regulations.  These consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's latest Annual Report on Form 10-K filed with the
Securities and Exchange Commission.  The consolidated balance sheet as of
December 31, 1996 presented herein has been derived from the audited 
consolidated balance sheet contained in the Annual Report on Form 10-K.  In
the opinion of the Company, the consolidated financial statements reflect all
adjustments necessary to present fairly the consolidated financial position
of Zebra Technologies Corporation and subsidiaries as of March 29, 1997 and
December 31, 1996, and the consolidated results of their operations and their
cash flows for the three months ended  March 29, 1997 and March 30, 1996.
The results of operations for such interim periods are not necessarily
indicative of the results for the full year.



Item 2.	Management's Discussion and Analysis of Financial Condition and
Results of Operations

Results of Operations First Quarter of 1997 versus First Quarter of 1996

Net sales for the first quarter of 1997 increased 10.6% to $42,415,000 versus
sales of $38,352,000 for the first quarter of 1996.  This sales increase is
attributed to unit growth in all product categories rather than price
increases, as the average unit price of printer products has decreased due to
product mix changes.  Printer sales increased by 15.1% and supplies sales by
7.9% over the first quarter of 1996, bringing printer sales to 71.9% and
supplies sales to 23.7% of consolidated net sales, respectively.  The
remaining 4.4% of net sales consisted of service and software revenue.
Approximately 45.4% of first quarter net sales were derived from international 
sources as compared to 43.7% during the first quarter of 1996.

Gross profit increased to $21,230,000 for the first quarter of 1997, a 15.2%
gain over gross profit of $18,433,000 for the first quarter of 1996. As a
percentage of net sales, gross profit increased 2.0% from 48.1% to 50.1%.
This increase is principally due to decreased material costs of high volume
printer parts plus a favorable product mix within the Company's printer
products and a lower percentage of supplies sales.

Sales and marketing expenses of $4,473,000 were down 3.6% for the first
quarter of 1997 compared to $4,640,000 in the first quarter of 1996. As a
percentage of net sales, first quarter sales and marketing expenses decreased
to 10.5% from 12.1% for the same period last year.  The decrease in expense
was the result of improvements in bad debt expense, customer accommodation,
advertising, and travel.  The reductions were offset in part by increased
staffing,co-op advertising, public relations, and trade show expenses.

Research and development expenses for the first quarter of 1997 decreased by
5.4% to $2,529,000 (6.0% of net sales) as compared to $2,674,000 (7.0% of net
sales) in the first quarter of 1996.  Decreases resulted from reductions in
usage of temporary help and outside services, offset in part by increased
expenses related to new product prototypes.

General and administrative expenses for the first quarter of 1997 increased
by 3.7% to $3,434,000 (8.1% of net sales) as compared to $3,312,000 (8.6% of
net sales) in the first quarter of 1996.  The dollar increase was the result
of increases in staffing, outside services, building, and depreciation. These
expenses were offset in part by reductions in recruiting and mainframe
computer costs.  Both periods include the amortization of intangible assets
and goodwill for the acquisitions of Vertical Technologies Inc. in July 1995
and Fenestra Computer Services in February 1996.

Income from operations for the first quarter of 1997 increased by $4,101,000
or 61.3% to $10,794,000 (25.4% of net sales) compared to $6,693,000 (17.5% of
net sales) for the first quarter of 1996.  This increase was due to higher
gross profits and decreased operating expenses, as previously indicated, and
to the non-recurring write-off of acquired in-process technology of
$1,114,000 in the first quarter of 1996 as a result of the Company's
acquisition of Fenestra Computer Services.



Investment income for the first quarter of 1997 increased by $5,808,000 or
445.7% to $7,111,000 versus $1,303,000 for the first quarter of last year.
This amount includes a one time gain of $5,458,000 from the sale of 350,000
shares of Norand Corporation common stock which was purchased in October of
1995 when management briefly considered Norand a possible acquisition 
candidate.

Income before income taxes was $17,916,000 in the first quarter of 1997
compared to $7,972,000 in the same quarter of last year, an increase of
$9,944,000 or 124.7%.  Income taxes were provided at a rate of 37.3% in the
first quarter of 1997 resulting in net income of $11,234,000, or 26.5% of net
sales, and net income per share of $0.46 on 24,240,000 average outstanding
shares.  In the first quarter of 1996, the provision for taxes was 34.2%
resulting in net income of $5,249,000, or 13.7% of net sales, and net income
per share of $0.22 on 24,189,000 average outstanding shares.  

The Peak Technologies Group, Inc., a customer of the Company which accounted
for 21% of the Company's net sales for the year ended December 31, 1996, has
agreed to be acquired by Moore Corporation.  This transaction has not yet
been completed.  The Company believes it has an excellent long term
relationship with Peak Technologies Group, Inc.  However, the effect which 
such transaction will have on the Company's relationship with this customer
- -- positive or negative -- is currently unknown.

Liquidity and Capital Resources

The Company's principal source of liquidity continues to be cash generated
from operations.  At March 31, 1997, the Company had $112,617,000 in cash
and marketable securities versus $94,540,000 at the end of 1996.

Effective February 16, 1996 the Company purchased the assets of Fenestra
Computer Services, a UK partnership, in exchange for $1,398,000 in cash and
Zebra Class A common stock. The transaction has been  accounted for under the
purchase method of accounting.  Assets and liabilities, including software
and hardware technology, and trade names have been recorded at their
respective fair market values with $1,114,000 assigned to acquired in-process
technology based on an independent third-party appraisal.  The entire amount
of the acquired in-process technology was expensed in the first quarter of 1996.

Management believes that existing capital resources and funds generated from
operations are sufficient to finance anticipated capital requirements.  The
Company has no commitments or agreements with respect to acquisitions or
other significant capital expenditures.

In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share"
("EPS").  Implementation of SFAS No. 128 is required for the periods ending
after December 15, 1997.  The standard establishes new methods for computing 
and presenting EPS and replaces the presentation of primary and fully-diluted 
EPS with basic and diluted EPS.  The new methods under this standard are not 
expected to have a significant impact on the Company's EPS amounts.



Forward looking statements contained in this filing are subject to the safe 
harbor created by the Private Securities Litigation Reform Act of 1995 and 
are highly dependent upon a variety of important factors which could cause 
actual results to differ materially from those reflected in such forward 
looking statements.  These factors include the acceptance of the Company's 
printer and software products by the market, and product offerings made by 
its competitors.  Profits will be affected by the Company's ability to 
control manufacturing and operating costs.  Due to the Company's large 
investment portfolio, interest rate conditions will also have an impact on 
results, as will foreign exchange rates due to the large percentage of the 
Company's sales in international markets.  When used in this document and 
documents referenced, the words "anticipate", "believe", "estimate", and 
"expect" and similar expressions as they relate to the Company or its 
management are intended to identify such forward looking statements. Readers 
of this release are referred to prior filings with the Securities and 
Exchange Commission, and Zebra's prospectus of December 7, 1995 for further
discussions of factors that could affect Zebra's future results. 



Item 6.	Exhibits and Reports on Form 8-K

(a)	Exhibits.

15.     Acknowledgment of Independent Certified Public Accountants 
         Regarding Independent Accountants Review Report

27.     Financial Data Schedule

(b)	Reports.

        No reports on Form 8-K have been filed by the Registrant for the 
         quarterly period covered by this report.



Exhibit 15

Acknowledgment of Independent Certified Public
Accountants Regarding Independent Auditors'
Review Report

Zebra Technologies Corporation
333 Corporate Woods Parkway
Vernon Hills, Illinois  60061-3109

Ladies and Gentlemen:

With respect to the registration statements (No. 33-44706 and No. 33-72774) 
on Form S-8, we acknowledge our awareness of the use therein of our report 
dated April 15, 1997 related to our review of interim financial information.

Pursuant to Rule 436(c) under the Securities Act of 1933, such report is not 
considered part of a registration statement prepared or certified by an 
accountant or a report prepared or certified by an accountant within the 
meaning of Sections 7 and 11 of the Act.

Very truly yours,

KPMG Peat Marwick LLP

Chicago, Illinois							
May 9, 1997



Exhibit 27

The schedule contains summary financial information extracted from Zebra 
Technologies Corporation and subsidiaries consolidated balance sheets for 
March 29, 1997 and consolidated statements of earnings for the three months 
ended March 29, 1997 and is qualified in its entirety by reference to such 
financial statements.

ZEBRA TECHNOLOGIES CORPORATION
Appendix A to Item 601(c) of Regulation S-K
Commercial and Industrial Companies
Article 5 of Regulation S-X



Item Number      Item Description                               Amount
                                                              
5-02(1)          cash and cash items                             8,371
5-02(2)          marketable securities                         104,246
5-02(3)(a)(1)    notes and accounts receivable-trade            29,149
5-02(4)          allowances for doubtful accounts                 (973)
5-02(6)          inventory                                      20,434
5-02(9)          total current assets                          162,771
5-02(13)         property, plant and equipment                  22,830
5-02(14)         accumulated depreciation                      (11,705)
5-02(18)         total assets                                  176,543
5-02(21)         total current liabilities                      21,568
5-02(22)         bonds, mortgages and similar debt                   0
5-02(28)         preferred stock-mandatory redemption                0
5-02(29)         preferred stock-no mandatory redemption             0   
5-02(30)         common stock                                      242
5-02(31)         other stockholder's equity                    150,691
5-02(32)         total liabilities and stockholder's equity    176,544
5-03(b)1(a)      net sales of tangible products                 41,651
5-03(b)1         total revenues                                 42,415
5-03(b)2(a)      cost of tangible goods sold                    20,903
5-03(b)2         total costs and expenses applicable to
                  sales and revenues                            21,185
5-03(b)3         other costs and expenses                       10,509
5-03(b)5         provision for doubtful accounts and notes          23
5-03(b)(8)       interest and amortization of debt discount      2,858
5-03(b)(10)      income before income taxes                     17,916
5-03(b)11        income tax expense                              6,682
5-03(b)(14)      income/loss                                    11,234
5-03(b)(15)      discontinued operations                             0
5-03(b)(17)      extraordinary items                                 0
5-03(b)(18)      cumulative effect- changes in accounting
                  principles                                         0
5-03(b)(19)      net income or loss                             11,234
5-03(b)(20)      earnings per share-primary                       0.46
5-03(b)(20)      earnings per share-fully diluted                 0.46




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.


                                  						ZEBRA TECHNOLOGIES CORPORATION

Date:	May 9, 1997				                   	By:  /s/Edward L. Kaplan        
	 						         	                              	Edward L. Kaplan
							         		                             Chief Executive Officer

Date:	May 9, 1997                  				 	By:  /s/Charles R. Whitchurch
							         		                               Charles R. Whitchurch
							          		                            Chief Financial Officer