© Ericsson Business | April 25, 2017
Ericsson logs loss in 1Q/2017
"Our performance in the first quarter continued to be unsatisfactory, states Börje Ekholm, President and CEO of Ericsson.
Swedish electronics company Ericsson recorded a net loss in the first quarter of SEK 10.9 billion (EUR 1.1 billion). Revenue was down 11 percent at SEK 46.4 billion (EUR 4.8 billion) from SEK 52.2 billion (EUR 5,4 billion). Börje Ekholm, President and CEO of Ericsson, comments: "Our performance in the first quarter continued to be unsatisfactory. Segment Networks delivered a solid result despite lower sales, while losses in segments IT & Cloud and Media increased significantly. In the quarter a more focused business strategy and a new Executive Team were announced. The immediate priority is to improve profitability while also taking action to revitalize technology and market leadership." "Reported sales declined by -11 percent. Operating income was SEK -12.3 billion, after provisions, write-downs and restructuring charges of SEK -13.4 billion. Excluding these items the operating income amounted to SEK 1.1 billion." "We are not satisfied with the cost structure of the company and the existing cost and efficiency program is not yielding sufficient results. Based on current profitability, we will intensify our efforts to reduce cost with focus on structural changes to generate lasting efficiency gains and increase cost competitiveness. Our target is to surpass previous ambitions. However, we need to increase investment in certain core areas to develop our product portfolio, which can temporarily increase cost levels." © Ericsson
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