Economy

Ericsson reports big loss as it struggles against rivals

Sweden's Ericsson (ERIC) reported Friday that its third-quarter net loss was 4.3 billion Swedish kronor, wider than loss of 0.2 billion kronor a year ago.

Ericsson posted sales of SKr47.8bn ($5.68 billion), with an operating loss of SKr4.8bn ($590 million), the fourth consecutive quarter that it has posted a loss, and 37% worse than analyst estimates.

Adjusted operating income was breakeven, compared to profit of 1.6 billion kronor past year.

Third-quarter sales of 47.8 billion crowns were down 3 per cent in constant currencies and the company warned its usual year-end sales bounce would not be as big as in previous years.

The equipment maker, facing intense competition from the likes of Finland's Nokia (Milan: 23568.MI - news) and China's Huawei, saw operating profit buffeted by a range of factors including higher development and hardware costs.

"We see a stabilised performance in a challenging market".

Börje Ekholm, president and chief executive officer of Ericsson described market conditions as "tough", but said the networks business had seen slight sales growth year-on-year.



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