Friday July 24, 10:03 AM
Ericsson quarterly net profits drop 57%
STOCKHOLM (AFP) - Telecom equipment giant Ericsson (Stockholm: ERIC-B.ST - news) reported a nearly 60-percent drop in second-quarter net profits Friday, a far weaker result than expected, as the economic crisis ate into the mobile phone market.
The Swedish company managed net profits of 831 million kroner (78.2 million euros, 111 million dollars), down 57 percent on the same period in 2008 and nearly twice as bad as the average predictions of analysts.
According to one round-up of their predictions, they had been looking at profits of 1.58 billion euros.
"The effects of the global economic climate on the mobile infrastructure market are now more notable, especially in markets with currencies under pressure and tougher credit environment," said Ericsson president and chief executive Carl-Henric Svanberg in a statement.
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