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Ericsson reports third-quarter net loss of 538 million dollars

Europe
20.10.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Stockholm (dpa) - Swedish telecommunications technology company Ericsson on Friday reported a third-quarter net loss of 4.3 billion kronor (538 million dollars), citing "tough" market conditions and restructuring costs.

Ericsson reported a net loss of 200 million kronor in the corresponding business period a year ago.

The company said year-on-year sales in the quarter fell 6 per cent to 47.8 billion kronor.

The firm makes and delivers equipment and software used for broadband and mobile communications and computer cloud services. It also does maintenance of networks operated by large IT providers.

Sales in the company‘s mainstay division Networks however increased slightly year-on-year when adjusted for comparable units and currency.

The company said it saw some signs of improvement in North America and China, and the Ericsson share was up 4 per cent in early trading in Stockholm.

In recent years, Ericsson has experienced strong competition from rival firms such as Huawei of China and Finland‘s Nokia.

Costs that affected the bottom line included provisions of 2.3 billion kronor for risky customer projects, and restructuring charges of 2.8 billion kronor of which 1.6 billion kronor were related to the closure of one of its three global information and communications centres.

 

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