Ericsson Earnings Decline 63 Percent in 2d Quarter
Ericsson said Wednesday that its profit fell by 63 percent in the second quarter, as telecommunications carriers trimmed spending on equipment in the United States, Russia and China.
Net income fell to 1.2 billion Swedish kronor, or $172 million, on a 1 percent increase in sales, to 55.3 billion kronor, Ericsson said. Shares of the company, which is based in Stockholm, fell by 4.4 percent to 56.2 kronor in early trading Wednesday.
Hans Vestberg, the chief executive of Ericsson, told analysts in Stockholm that economic slowdowns in Russia and China had weighed on profits