ericsson revenues fall 14 amid weak broadband demand
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Ericsson Revenue's Fall 14% Amid Weak Broadband Demand

Egypt Today, egypt today

Egypt Today, egypt today Ericsson Revenue's Fall 14% Amid Weak Broadband Demand

Ericsson
Stockholm - QNA

Swedish mobile networks company Ericsson said Wednesday that it forecasts significantly lower earnings for a considerable time into the future.

    The company's revenue fell 14% in the third quarter of 2016, compared to the same period of last year. The decline was mainly due to lower demand on broadband networks, AP reported. CEO Jan Frykhammar said that weaker demand is likely to persist in the short-term.

    On the company's plans, Frykhammar said they would continue reducing their cost of sales. Last week, Ericsson announced 3,000 job cuts in Sweden, equivalent to 20% of its local workforce. It plans to downsize operations by $1 billion in 2017.

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ericsson revenues fall 14 amid weak broadband demand ericsson revenues fall 14 amid weak broadband demand



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