Ericsson's earnings miss on software contract delay, Russia provision

STOCKHOLM : Sweden's Ericsson, under fire over its handling of a bribery investigation in Iraq, on Thursday reported a fall in first-quarter core earnings, hurt by a delay in recording a large software contract and a provision related to suspension of business in Russia.

The company's quarterly adjusted operating earnings fell to 4.7 billion Swedish crowns from 5.3 billion a year ago. The mean forecast of 6.63 billion does not reflect 0.9 billion crowns of provision announced earlier this week related to Russia, according to Refinitiv data.

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Nokia to stop doing business in RussiaSTOCKHOLM: Telecoms equipment maker Nokia is pulling out of the Russian market, its CEO told Reuters, going a step further than rival Ericsson , which said on Monday (Apr 11) it was indefinitely suspending its business in the country. Hundreds of foreign companies are cutting ties with Russia following its
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