© Reuters. FILE PHOTO: Ericsson logo is seen at its headquarters in Stockholm, Sweden June 14, 2018. REUTERS/Olof Swahnberg
STOCKHOLM (Reuters) – Sweden’s Ericsson (BS:) reported third-quarter core earnings above market estimates on Tuesday, as strong sales of 5G equipment in most of the world offset a loss of market share in mainland China.
The company’s quarterly adjusted operating earnings rose to 8.8 billion Swedish crowns ($1.02 billion) from 8.6 billion a year ago, beating the mean forecast of 7.85 billion, according to Refinitiv estimates.
While both Ericsson and its rival Nokia (NYSE:) has benefited from the ban on China’s Huawei in several countries, the banning of the Chinese company in Sweden led to a loss contracts for the Swedish company in China.
Ericsson gets just under 10% of its revenue from China.
“As a consequence of the reduced market share in mainland China, we are planning to resize our sales and delivery organization in the country, starting in the fourth quarter,” Chief Executive Börje Ekholm said in a statement.
Sales in mainland China in Networks and Digital Services declined 3.6 billion crowns in the quarter.
Total revenue for the telecom equipment maker, a rival of Huawei and Nokia, fell 2% to 56.3 billion crowns, missing the 58.14 billion crowns seen by analysts.
($1=8.6258 Swedish crowns)
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
© Reuters. FILE PHOTO: Ericsson logo is seen at its headquarters in Stockholm, Sweden June 14, 2018. REUTERS/Olof Swahnberg STOCKHOLM (Reuters) – Sweden’s Ericsson (BS:) reported third-quarter core earnings above market estimates on Tuesday, as strong sales of 5G equipment in most of the world offset a loss of market share in mainland China.The company’s quarterly adjusted operating earnings rose to 8.8 billion Swedish crowns ($1.02 billion) from 8.6 billion a year ago, beating the mean forecast of 7.85 billion, according to Refinitiv estimates.While both Ericsson and its rival Nokia (NYSE:) has benefited from the ban on China’s Huawei in several countries, the banning of the Chinese company in Sweden led to a loss contracts for the Swedish company in China.Ericsson gets just under 10% of its revenue from China.“As a consequence of the reduced market share in mainland China, we are planning to resize our sales and delivery organization in the country, starting in the fourth quarter,” Chief Executive Börje Ekholm said in a statement.Sales in mainland China in Networks and Digital Services declined 3.6 billion crowns in the quarter.Total revenue for the telecom equipment maker, a rival of Huawei and Nokia, fell 2% to 56.3 billion crowns, missing the 58.14 billion crowns seen by analysts.($1=8.6258 Swedish crowns)Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.