class=”sc-3778e872-0 cKDKQr”>
By the end of the year Ericsson wants to reduce annual operating costs by SEK 11 billion. 9 billion has been planned so far. Ericsson is struggling with the reluctance of major mobile operators to invest early in new technology based on the modern 5G standard and are now reducing their inventory.
Adjusted operating profit (EBITA) fell 3 percent to SEK 4.8 billion in the first quarter, thanks to 14 percent sales growth reaching SEK 62.6 billion. It was much better than analysts expected. Net profit nearly halved to SEK 1.6 billion as conversion costs hit the books, among other things.
According to Ericsson, the austerity program is expected to cost SEK 7 billion this year, of which more than half will be paid in the second quarter.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
