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Ericsson reports 57% drop of net profits in second quarter

Updated:2009-07-27 11:29:24

Swedish telecommunications equipment maker reported Friday that it had a 57 percent drop in second-quarter net profits.

Ericsson achieved net profits of 831 million kroner (about 110 million U.S. dollars), down 57 percent from the same period in 2008 and nearly twice as bad as consensus forecasts, said the company in a second-quarter report.

Network sales were down year-over-year currency adjusted, reflecting the present market environment. Services in total now represent 38 percent of sales, driven by strong Professional Services growth, the report said.

"There are different trends in the current market environment. 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 Carl-Henric Svanberg, president and CEO of Ericsson.

At the same time the consumer demand for new services and broadband capabilities are quickly accelerating and rollout of new technologies is ongoing in the world's leading economies. There is also an increasing demand for professional services from operators across the world, he added.

He also said the early decision to reduce costs is yielding results and margins improved across all segments. The target to reduce costs by 10 billion kronor (about 1.3 billion dollars) from the second half of 2010 remains, and significant restructuring charges were made in the quarter.

 

Source:http://news.xinhuanet.com

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