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Mobile telecom equipment maker Ericsson posted second-quarter operating profit and sales below market expectations on Tuesday and said it was cutting costs further to match weak demand.
Operating profit was 2.8 billion Swedish crowns ($327 million) compared to 3.6 billion in the year-ago quarter and below a mean forecast of 3.0 billion crowns in a Reuters poll of analysts.
Sales at Ericsson, the world number one mobile network equipment maker, were 54.1 billion crowns, below a forecast of 55.3 billion. The gross margin was 32.3 percent, matching the mean forecast.
Source: Reuters
