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Ericsson plans cut in China ops on Huawei backlash, flags supply chain issues

Ericsson plans cut in China ops on Huawei backlash, flags supply chain issues

10/19/2021 10:25:00 PM

Ericsson plans cut in China ops on Huawei backlash, flags supply chain issues

Sweden's Ericsson announced on Tuesday plans to reduce its operations in China after suffering a big sales drop in one of its biggest markets due to retaliation for Sweden's ban on China's Huawei (HWT.UL) from selling 5G gear in the country.

CFO says reviewing staffing and offices in mainland ChinaMoves come after Sweden banned Huawei from 5G gearSales fall by 3.6 bln crowns in China, total revenue down 2%Shares down 0.3%(ERICb.ST)announced on Tuesday plans to reduce its operations in China after suffering a big sales drop in one of its biggest markets due to retaliation for Sweden's ban on China's Huawei (HWT.UL) from selling 5G gear in the country.

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The news came as the company reported better than expected third-quarter core earnings boosted by strong sales of 5G equipment in most of the world, offsetting a loss of market share in mainland China and a hit from the global supply chain problems.Sweden banned China's Huawei (HWT.UL) from selling 5G gear in the country a year ago and Ericsson has since lost most of its share in the latest rounds of telecom tenders in China.

The proportion of revenue Ericsson earns from China has dropped to around 3% of the total from 10-11%, Chief Financial Officer Carl Mellander said in an interview, offsetting gains made as Ericsson filled the void left by Huawei in several countries as it retreated under pressure from the U.S. government. headtopics.com

Mellander said the decline started in the second quarter and would show as a year-on-year loss until the same period of next year.China sales declined by 3.6 billion Swedish crowns ($418.14 million) in the third quarter alone and the company is now planning to reduce its sales and delivery organisation in the country.

Read more: Reuters Top News »

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