June 17, 2021

Ericsson fourth-quarter core profit hit by slowdown in US business

1 min read

Swedish telecoms equipment group Ericsson reported a sharp rise in fourth-quarter core earnings on Friday, but said the quarter, seasonally its best, had nevertheless been hit by a slowdown in its previously surging U.S. business.

The Ericsson logo is seen at the Ericsson's headquarters in Stockholm
FILE PHOTO: The Ericsson logo is seen at the Ericsson’s headquarters in Stockholm, Sweden June 14, 2018. REUTERS/Olof Swahnberg

STOCKHOLM: Swedish telecoms equipment group Ericsson reported a sharp rise in fourth-quarter core earnings on Friday, but said the quarter, seasonally its best, had nevertheless been hit by a slowdown in its previously surging U.S. business.

Adjusted quarterly operating earnings at the mobile network gear maker, a rival of China’s Huawei and Finland’s Nokia , rose to 5.7 billion Swedish crowns (US$600.19 million)from 2.6 billion a year earlier but were down from 7.4 billion the previous quarter.

(Reporting by Johannes Hellstrom; Editing by Simon Johnson)