Home Business News Ericsson takes $687m hit as it rethinks digital strategy

Ericsson takes $687m hit as it rethinks digital strategy

by Purvai Dua
10th Jan 19 12:59 pm

Swedish telecoms equipment maker Ericsson has taken a charge of $687m for the fourth quarter of 2018, due to losses incurred by its business support system division, which sells real-time charging and billing products.

The Swedish firm is still in the midst of restructuring its business – in the first quarter of 2018 much of its top management were replaced and 18,000 jobs have been cut since July 2017.

Ericsson has been struggling due to weak demand for its equipment in emerging markets, as well as decreased spending by mobile operators on network infrastructure.

And in December, O2 announced it would be seeking millions in damages from Ericsson, following a day-long network outage due to an expired software certificate.

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