Ericsson profit beats estimates as more countries roll out 5G

Ericsson profit beats estimates as more countries roll out 5G Sweden's Ericsson on Tuesday reported fourth-quarter core earnings above market estimates, helped by higher sales of telecom gear as more countries roll out 5G networks offsetting a loss of market share in mainland China.The company's quarterly adjusted operating earnings rose to 11.9 billion Swedish crowns ($1.28 billion) from 11 billion a year ago, beating the mean forecast of 10.30 billion, according to Refinitiv data.Total revenue rose 2% to 71.3 billion crowns, beating estimates of 68.33 billion crowns. Sales in mainland China declined by 1.8 billion crowns, meaning that excluding mainland China organic sales growth was 5%.A resurgent Nokia increasing competition in several markets and the loss of telecom contracts in China following a ban of Huawei by the Swedish government had been dragging down Ericsson's revenue.The proportion of revenue Ericsson earns from China has dropped to around 3%, the company has previously said, from 10-11% before the domestic Swedish ban on Huawei.Sales at Ericsson's networks unit grew by 3% and gross margin rose to 46.4% from 43.5%.In an effort to broaden its 5G portfolio Ericsson has spent more than $7 billion to buy two companies - cloud communications firm Vonage and wireless network gear maker Cradlepoint.Follow Gadgets Now on  Facebook  and  Twitter.   For the  latest news,   tech news,   breaking news headlines and live updates checkout Gadgetsnow.comGN Awards - Vote for your favourite GadgetsFacebookTwitterLinkedinAdd commentStart a ConversationAll Comments (0)+0/3000Be the first one to comment.{"@context":"http://schema.org","@type":"NewsArticle","inLanguage":"en","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.gadgetsnow.com/tech-news/ericsson-profit-beats-estimates-as-more-countries-roll-out-5g/articleshow/89118117.cms","url":"https://www.gadgetsnow.com/tech-news/ericsson-profit-beats-estimates-as-more-countries-roll-out-5g/articleshow/89118117.cms"},"headline":"Ericsson profit beats estimates as more countries roll out 5G","description":"Sweden's Ericsson on Tuesday reported fourth-quarter core earnings above market estimates, helped by higher sales of telecom gear as more countries roll out 5G networks offsetting a loss of market share in mainland China.The company's quarterly adjusted operating earnings rose to 11.9 billion Swedish crowns ($1.28 billion) from 11 billion a year ago, beating the mean forecast of 10.30 billion, according to Refinitiv data.Total revenue rose 2% to 71.3 billion crowns, beating estimates of 68.33 bi...","keywords":"5G roll out,Ericsson 5G,telecom equipment,Ericsson Q4,Ericsson,International,cradlepoint,nokia,huawei","datePublished":"2022-01-25T17:37:00+05:30","dateModified":"2022-01-25T17:38:00+05:30","image":{"@type":"ImageObject","url":"https://static.toiimg.com/thumb/resizemode-4,msid-89118117,width-1200,height-900/89118117.jpg","height":900,"width":1200},"author":{"@type":"Person","name":"Reuters"},"publisher":{"@type":"Organization","name":"Gadgets Now","logo":{"@type":"ImageObject","url":"https://static.toiimg.com/photo/88204186.cms","width":600,"height":60}},"articleBody":"Sweden's Ericsson on Tuesday reported fourth-quarter core earnings above market estimates, helped by higher sales of telecom gear as more countries roll out 5G networks offsetting a loss of market share in mainland China.The company's quarterly adjusted operating earnings rose to 11.9 billion Swedish crowns ($1.28 billion) from 11 billion a year ago, beating the mean forecast of 10.30 billion, according to Refinitiv data.Total revenue rose 2% to 71.3 billion crowns, beating estimates of 68.33 billion crowns. Sales in mainland China declined by 1.8 billion crowns, meaning that excluding mainland China organic sales growth was 5%.A resurgent Nokia increasing competition in several markets and the loss of telecom contracts in China following a ban of Huawei by the Swedish government had been dragging down Ericsson's revenue.The proportion of revenue Ericsson earns from China has dropped to around 3%, the company has previously said, from 10-11% before the domestic Swedish ban on Huawei.Sales at Ericsson's networks unit grew by 3% and gross margin rose to 46.4% from 43.5%.In an effort to broaden its 5G portfolio Ericsson has spent more than $7 billion to buy two companies - cloud communications firm Vonage and wireless network gear maker Cradlepoint."} - https://www.affordablecebu.com/