DIRS.INFO The most relevant business & tech news

☆ Ericsson to lay off 1,200 people in Sweden amid challenging market
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +1 min

Sweden's Ericsson on Monday said it would lay off about 1,200 employees in Sweden as a part of costs cuts announced earlier this year, citing a challenging mobile networks market and lower volumes in 2024. After a few years of high demand for 5G equipment, buying by telecom providers has slowed, prompting firms such as Ericsson and Nokia to lay off thousands of employees to save costs. "As previously stated, Ericsson expects a challenging mobile networks market in 2024, with further volume contraction as customers remain cautious," the company said in a statement. Ericsson will continue its initiatives to increase operational efficiency during 2024, but will not make any separate statements on those, it added. Ericsson had told Reuters in January it could look at further cost cuts this year including layoffs but without giving a specific number.

Persons: Sweden's Organizations: Sweden's Ericsson, Ericsson, Nokia, Reuters Locations: Sweden

☆ Ericsson partners with Deutsche Telekom for network APIs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: 1 min

[1/2] A logo of Ericsson is seen outside the company's office in Kanata, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg/File photo Acquire Licensing RightsSTOCKHOLM, Sept 20 (Reuters) - Sweden's Ericsson (ERICb.ST) said on Wednesday it has partnered with Deutsche Telekom (DTEGn.DE) to offer software tools for developers and business customers that will allow telecom operators to get more revenue. Known as network application programming interface (API), the software will use the Vonage platform -- a company Ericsson bought for $6.2 billion in 2022 -- to help developers create new use cases based on a mobile network. Reporting by Supantha Mukherjee in Stockholm, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Hagberg, Sweden's, Supantha Mukherjee, Terje Solsvik Organizations: Ericsson, REUTERS, Rights, Sweden's Ericsson, Deutsche Telekom, Thomson Locations: Kanata , Ontario, Canada, Rights STOCKHOLM, Stockholm

☆ Ericsson sees IPR licensing revenues of $1 bln this year
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] A logo of Ericsson is seen outside the company's office in Kanata, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg/File Photo Acquire Licensing RightsSTOCKHOLM, Aug 25 (Reuters) - Sweden's Ericsson (ERICb.ST) predicted on Friday intellectual property rights (IPR) licensing income of 11 billion Swedish crowns ($1 billion) this year after it renewed a patent cross-licensing agreement with China's Huawei. The telecom gear maker's renewed multi-year deal with its Chinese rival grants both companies global access to each other's patented, standardized technologies, it said. "With the current portfolio of IPR licensing contracts, Ericsson estimates the full-year 2023 IPR licensing revenues to be approximately 11 billion crowns," the company said in a statement. ($1 = 11.0158 Swedish crowns)Reporting by Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Hagberg, Sweden's, Anna Ringstrom, Terje Solsvik Organizations: Ericsson, REUTERS, Rights, Sweden's Ericsson, China's Huawei, Thomson Locations: Kanata , Ontario, Canada, Rights STOCKHOLM

☆ Sweden's Ericsson sued by some shareholders for $170 million, Dagens Industri reports
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

A logo of Ericsson is seen outside the company's office in Kanata, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg/File PhotoOSLO, Aug 4 (Reuters) - Some 37 Ericsson (ERICb.ST) shareholders are suing the Swedish telecoms company for a total of 1.8 billion crowns ($170 million), business daily Dagens Industri reported on Friday. The shareholders, which include several investment firms and pension funds, have filed separate lawsuits with a Swedish court but their actions are coordinated, the paper reported. According to Dagens Industri, the shareholders are demanding compensation for the 33% fall in value in Ericsson shares between Feb. 16, 2022, and March 2. On Feb. 15, 2022, Ericsson CEO Boerje Ekholm had talked to Dagens Industri about an internal, and until then, secret report about the company's activities in Iraq, the paper said in a published interview.

Persons: Lars Hagberg, Dagens Industri, Boerje Ekholm, Dagens, Gwladys Fouche, Louise Heavens Organizations: Ericsson, REUTERS, Dagens, Marie Mannes, Thomson Locations: Kanata , Ontario, Canada, OSLO, Swedish, Iraq, Oslo, Stockholm

Swedish Foreign Minister Tobias Billstrom said staff at the Swedish embassy in Baghdad were safe but Iraqi authorities had failed in their responsibility to protect the embassy. Thursday's demonstration was called by supporters of Shi'ite cleric Muqtada al-Sadr to protest at the second planned Koran burning in Sweden in weeks, according to posts in a Telegram group linked to the influential cleric and other pro-Sadr media. He stood by the embassy storming on Thursday, telling a press conference the U.S. "has no right to condemn the burning of the Swedish embassy but should have condemned the burning of the Koran". "Yes, yes to the Koran," protesters chanted. Sweden has seen several Koran burnings in recent years, mostly by far-right and anti-Muslim activists.

Persons: Tobias Billstrom, Sayyed Hassan Nasrallah, Mohammed Shia Al, Billstrom, Muqtada al, Moqtada al, Read, Tayyip Erdogan, Ulf Kristersson, Timour Azhari, Anna Ringstrom, Supantha Mukherjee, Johan Ahlander, Marie, Louise Breusch Rasmussen, Ahmed Rasheed, Tom Hogue, Tom Perry, Lincoln, Bernadette Baum, William Maclean, Alison Williams, Cynthia Osterman Organizations: NATO, Sweden's Ericsson, State Department, Telegram, Turkish, Sweden's, Islam, Marie Mannes, Thomson Locations: Iraq, BAGHDAD, STOCKHOLM, Swedish, Stockholm, Baghdad, Iraqi, Sweden, Tehran, Turkey, Washington, Sadr, Copenhagen

That followed the U.S. decision to impose export restrictions to curb China's access to key technologies used for artificial intelligence (AI). China has been the go-to for companies because it is able to export processed minerals at a lower cost than other countries. In Taiwan, a senior government official said China's restrictions on exports of gallium and germanium marked "a new wave of retaliation" in a "tit-for-tat approach." Some industry watchers believed China's metals restrictions could trigger short-term supply snags and higher prices. But Navitas Semiconductor Corp (NVTS.O), which makes chips that use a substance called gallium nitride, on Wednesday said it expects no adverse effects to its business from China's export controls.

Persons: China's, Stewart Randall, Janet Yellen, Roy Lee, John Strand, Supantha Mukherjee, Hakan Ersen, Ben Blanchard, Brenda Goh, Kanishka Singh, Anne Marie Roantree, David Gaffen, David Gregorio Our Organizations: U.S . Department of Commerce, EV, Sweden's Ericsson, Ericsson, U.S, Treasury, Navitas Semiconductor Corp, Thomson Locations: SHANGHAI, STOCKHOLM, WASHINGTON, Beijing, U.S, China, United States, Shanghai, Intralink, Netherlands, Australia, Europe, Taiwan, South Korea, Japan, Korea, Copenhagen, Stockholm, Berlin, Taipei, Washington

"This would be the nail in the coffin for Huawei in Europe," said Paolo Pescatore, an analyst at PP Foresight. China has asked for Huawei to be one of the main points on the agenda, one of the sources familiar with the matter said. Germany's China hawks expressed outrage in March when a Reuters story revealed that German state rail operator Deutsche Bahn was using Huawei gear to digitalise its operations. Berlin in 2021 passed a law setting high hurdles for makers of telecommunications equipment for the "critical components" of 5G networks. It is estimated it would cost billions of euros to rip out and replace Huawei equipment in European countries, potentially burdening telecom companies already sitting on huge debts.

Persons: Paolo Pescatore, Andrew Small, Mikko Huotari, Sweden's, Sarah Marsh, Andreas Rinke, Supantha Mukherjee, Foo Yun Chee, Sergio Goncalves, Mark Potter Organizations: European, Huawei, Deutsche Telekom, Foresight, Deutsche Bahn, Mercator Institute for China Studies, Telecom, Nokia, Sweden's Ericsson, Thomson Locations: BERLIN, STOCKHOLM, Germany, Brussels, Berlin, Beijing, Europe, China, China's, Denmark, Portugal, West, U.S, Stockholm, Lisbon

☆ Ericsson earnings miss as slowing U.S. market hits margins
▼ + stars: | 2023-01-20 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

It has also announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023. Ericsson expects a margin fall seen in its Networks business to persist through the first half of 2023 but the effect of cost savings to emerge in the second quarter. The company's fourth-quarter adjusted operating earnings excluding restructuring charges fell to 9.3 billion Swedish crowns ($902 million) from 12.8 billion a year earlier. Net sales rose 21% to 86 billion crowns, beating estimates of 84.2 billion. A settlement of a patent deal with Apple (AAPL.O) last month resulted in revenue of 6 billion crowns, but Ericsson also took 4 billion crowns in charges, including a provision for a potential fine from U.S. regulators and divestments.

The pan-European STOXX 600 (.STOXX) climbed 0.3% at 0936 GMT, boosted by gains in banks (.SX7P) and industrials (.SXNP). European shares were on track to snap a two-week winning streak, thanks to the worst single-day selloff so far this month on Thursday following disappointing earnings reports, weak U.S. economic data and hawkish comments from central bankers. Energy stocks (.SXEP) gained 0.8%, tracking firm crude prices on hopes of demand recovery in the world's second-biggest economy. "Europe has more exposure to China reopening and luxury is a big part of the European market," said Jamie Mills O'Brien, investment manager at Abrdn. "Some of the big players are pure China reopening bets."

☆ Google, Netflix under scrutiny in South Korea over network fees
▼ + stars: | 2022-10-21 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

REUTERS/Dado RuvicSEOUL, Oct 21 (Reuters) - South Korea's parliament saw heated debate on Friday over proposed legislation to make global content providers such as Netflix (NFLX.O) and Alphabet's (GOOGL.O) Google pay South Korean network fees. Others disagreed, saying imposing fees on the big tech companies could mean they could raise their own fees and undermine South Korean content creators. Liz Chung, a director at Netflix's South Korean unit, said her company was looking for ways to handle surging traffic. YouTube has 41.8 million active South Korean users, out of a population of 51.6 million. South Korean network provider SK Broadband has gone to court in the hope of making Big Tech pay fees.

☆ Ericsson's quarterly earnings miss estimates
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Oct 20 (Reuters) - Sweden's Ericsson (ERICb.ST) on Thursday reported third-quarter core earnings that missed expectations for the second quarter in a row, as margins took a hit from higher component and logistics costs. The company's quarterly adjusted operating earnings fell to 7.1 billion Swedish crowns ($633.05 million) from 8.8 billion crowns a year earlier, missing analysts' mean forecast of 8.73 billion, according to Refinitiv data. ($1 = 11.2155 Swedish crowns)Register now for FREE unlimited access to Reuters.com RegisterReporting by Supantha Mukherjee in Stockholm; editing by Niklas PollardOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Sweden's Ericsson"

11 mentions found