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Ericsson feels brunt of economic crisis

Ericsson, the world’s biggest telecommunications equipment maker, warned on Friday that the impact of the economic downturn had become more pronounced as the company announced a steep drop in second-quarter net profits.

But Carl-Henric Svanberg, chief executive, said downward trends were being offset by strong growth in demand for mobile data services and other new technology in the developed world.

“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,” he said. “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.”

Net profits were down 61 per cent at Skr800m ($106m), compared with Skr2bn a year ago, although the results were better than expected after restructuring costs and lossmaking joint ventures were excluded.

Sales were up 7 per cent at SKr52.1bn from SKr48.5bn last year, slightly lower than analysts’ average forecast and helped by favourable currency movements.

Analysts said the results were mixed, with sluggish sales offset by robust underlying profits. Operating income, excluding one-off items and joint ventures, were SKr6.9bn, compared with an average projection of SKr6.02bn, according to analysts polled by Reuters.

Analysts said investors would take note of the cautious tone struck by Mr Svanberg about the economic environment as telecommunications operators cut capital spending around the world.

Strong growth in China and other emerging markets has so far helped Ericsson ride out the economic storm but Mr Svanberg said these countries were also now slowing investment in mobile networks.

He added that cost-cutting measures taken early in the recession had helped cushion the impact of the downturn, with core operating margins up 9.5 per cent at 13.3 per cent.

Источник: Financial Times

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