STOCKHOLM :Sweden's Ericsson on Tuesday reported first-quarter core earnings that missed expectations as telecom customers in high-margin countries such as the United States held back on spending on 5G equipment.The company's quarterly adjusted operating earnings fell to 3 billion Swedish crowns ($290.03 mill
STOCKHOLM :Sweden's Ericsson on Tuesday reported first-quarter core earnings that missed expectations as telecom customers in high-margin countries such as the United States held back on spending on 5G equipment.
The company's quarterly adjusted operating earnings fell to 3 billion Swedish crowns from 4.7 billion crowns a year earlier, missing analysts' mean forecast of 3.28 billion, according to Refinitiv data. Ericsson, which announced plans to cut 8,500 employees in February, has seen overall margins erode as growth now mainly comes from fiercely price competitive markets such as India rather than high-margin markets like the U.S.However, net sales rose 14 per cent to 62.6 billion crowns, beating estimates of 60.43 billion.
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