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Ericsson sees slowdown as Q3 sales fall 3%
2013-10-24 08:44:00| Telecompaper Headlines
(Telecompaper) Ericsson reported third-quarter sales down 3 percent to SEK 53.0 billion, hurt by currency effects and a slowdown in major projects. Comparable sales excluding forex rose 3 percent from a year earlier. Operating profit improved to SEK 4.2 billion from SEK 3.1 billion a year earlier, in part thanks to a shift in Europe away from low-margin upgrade projects towards capacity and LTE expansion. Net profit increased to SEK 3.0 billion from SEK 2.2 billion. Despite the shift in Europe and LTE contract wins with two Chinese operators, Ericsson said sales were "coming under some pressure". In addition to forex and the weak economy, two major mobile broadband coverage projects in North America are slowing down and it's nearing completion of a large project in Japan. Growth is expected to come from its new small cell products, as well as the recent expansion in IPTV with the Microsoft Mediaroom takeover.
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Category:Telecommunications
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