Swedish telecoms equipment maker Ericsson on Jan. 24 reported a smaller-than-expected rise in operating profit for the final three months of 2019, due to a slowdown in its previously surging U.S. business.
Ericsson, which had already flagged the impact of the proposed U.S. merger of Sprint and T-Mobile US, said adjusted operating profit for the final quarter of 2019 rose to 5.7 billion Swedish crowns from 2.6 billion crowns a year earlier, but was down from 7.4 billion crowns the previous quarter. Revenue for the full year to Dec. 31, 2019 rose to 227 billion crowns, compared with 210 billion crowns the previous year.
Shares in Ericsson fell as much as 9% to a three-month low of 77 crowns. By 0817 GMT on Jan. 24, the stock was down 5.4% at 80 crowns.
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