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February 14, 2012
Ericsson hit by falling profits
Published: 22 Oct 09 08:04 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22804/20091022/
Swedish telecom equipment manufacturer Ericsson announced third quarter pretax profits of 4 billion kronor ($580 million), a 35 percent drop from the 6.2 billion kronor reported for the same quarter last year.
- Canada clears Ericsson's bid for Nortel (17 Sep 09)
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Ericsson’s turnover also dropped from 49.2 billion in the third quarter of 2008 to 46.4 billion this year.
The company’s pretax profits exclude restructuring costs of 2.7 billion kronor, which when included bring Ericsson’s profits to 1.5 billion kronor
Analysts had expected Ericsson to report pretax profits of 2.5 billion kronor, according to a Reuters survey.
“Our cost reduction activities are running ahead of plan with further opportunities for efficiency improvements and savings, Ericsson CEO Carl-Henric Svanberg said in comments accompanying the report.
While admitting that a “tougher market environment” had led to a drop in sales, Svanberg remained upbeat about Ericsson’s prospects to capitalize on the growth of mobile broadband services.
“We expect mobile broadband to show a similar exciting development over the years to come, not least as the vast majority of the world's population will be able to reach internet only through mobile technology. We are well positioned to lead our industry forward,” he said.
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the problem Ericsson has right now is that majority of the sales are in USD, when USD EUR fluctuates, it will mean huge foreign exchange rate loss for this quarter.