Ericsson delayed news of profit warning

Telecom giant Ericsson delayed the announcement of its profit warning by 36 hours, Svenska Dagbladet reports.

On Tuesday morning CEO Carl-Henric Svanberg said:

“We have had the figures for 24 hours”.

But according to Svenska Dagbladet, the board was informed of the unexpected profit warning on Sunday evening and could have kept shareholders abreast of the situation at an earlier juncture.

The newspaper also reported that Svanberg and chairman Michael Treschow were finding it increasingly difficult to work together.

Despite criticism of its handling of the situation, Ericsson’s department of communications was considering the option of keeping the market less well informed.

“We have initiated a discussion about limiting our quarterly reports,” director of communications Henry Sténson told Dagens Nyheter.