Ericsson reported a bigger-than-expected drop in fourth-quarter earnings as margins came under pressure from a shift in the pattern of carriers’ demand for its 5G equipment.
The Swedish maker of mobile networks on Friday reported an adjusted earnings before interest and taxes of 8.1 billion Swedish kronor in the quarter, less than the analysts’ estimate of 10.74 billion kronor, according to the average in a Bloomberg survey. The Stockholm-based company, one of the world’s biggest providers of 5G networking equipment, said first-quarter earnings before interest, taxes and amortisation excluding restructuring charges, would also be “somewhat lower than a year ago and forecast lower margins on its networks business in the first half of 2023. Cost-savings initiatives will start having an effect beginning in the second quarter, the company said in the statement.
“There are near-term uncertainties, however, we are still in the early phase of global 5G roll-out and widespread enterprise digitalisation,” chief executive Borje Ekholm said in the statement.
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