Ericsson warns of 94% dive in profit as sales fall

Ericsson warns of 94% dive in profit as sales fall
 

Shares in Ericsson have dived after the Swedish telecoms company warned profits would be down by 94% for the third quarter.
The stock slumped 16.7% in morning trading, wiping billions of dollars off the firm's market value.
Ericsson is struggling with weak demand for its mobile network equipment and fierce competition in some markets.
It said quarterly income fell to 300m Swedish krona ($34.8 million) from 5.1bn krona a year ago.
Sales slipped 14% to 51.1bn krona.
Ericsson's acting chief executive, Jan Frykhammar, said: "Our result is significantly lower than we expected, with a... read more

 
12 October 2016 in Business, Views: 34
Source: BBC
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