Ericsson says telecoms uncertainty to persist into 2024, shares fall
© Reuters. FILE PHOTO: A general view of an exterior of the Ericsson headquarters in Stockholm, Sweden, January 24, 2020. TT News Agency/Fredrik Sandberg via REUTERS /File photo
The Swedish telecom equipment maker's shares fell 9% in early trade to lows last seen in 2017, when the company was going through another downturn.), which pre-announced its results last week and took a $2.9 billion impairment charge on its Vonage acquisition, said it expects current quarter results to be similar to the third quarter.
"We have proven that cost cutting is something we are good at...should the market and our financial performance require it, we can do more," he said. Networks organic sales in North America were down by 60% from last year as telecoms customers adjusted their inventory and were slower to roll out new equipment. North America now accounts for 23% of Ericsson's sales compared with 48% earlier.
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