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☆ 'We need to continue the journey to take out costs' at Ericsson, says CEO
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We need to continue the journey to take out costs' at Ericsson, says CEOBörje Ekholm, CEO of Ericsson, discusses first-quarter results and the outlook for the telecommunications industry.

Persons: Börje Ekholm Organizations: Ericsson

☆ Ericsson CEO: Network operators need cross-European consolidation
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEricsson CEO: Network operators need cross-European consolidationBorje Ekholm, CEO of Ericsson, speaks to CNBC's Karen Tso at Mobile World Congress in Barcelona, Spain.

Persons: Karen Tso Organizations: Ericsson, Mobile Locations: Barcelona, Spain

☆ 'India built out 5G at a pace we have not seen anywhere else,' says Ericsson CEO
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'India built out 5G at a pace we have not seen anywhere else,' says Ericsson CEOBörje Ekholm, CEO of Ericsson, discusses earnings and his market outlook with CNBC.

Persons: Börje Ekholm Organizations: Ericsson, CNBC Locations: India

☆ Ericsson warns of 2024 market decline despite Q4 earnings beat
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: +2 min

Ericsson said it expects further decline in 5G gear demand from mobile operators this year after beating fourth-quarter operating profit expectations on Tuesday helped by software sales. Telecoms equipment suppliers are expecting a challenging 2024 as 5G equipment sales - a key source of revenue - are slowing in North America, while India, a growth market, may also see a slowdown. That was mostly due to higher-margin software sales and lower sales of 5G equipment to lower-margin countries such as India. Ericsson said it would get a boost in the second half of the year from a $14 billion telecom deal with AT&T that it won over rival Nokia. The company on Tuesday also appointed Lars Sandstrom as chief financial officer, replacing long-time company veteran Carl Mellander.

Persons: Carl Mellander, Mellander, Börje Ekholm, Ericsson, Lars Sandstrom Organizations: Ericsson, Nokia, RAN, Radio Locations: North America, India, China

A general view of an exterior of the Ericsson headquarters in Stockholm, Sweden, January 24, 2020. The Swedish telecom equipment maker's shares fell 9% in early trade to lows last seen in 2017, when the company was going through another downturn. Gear makers such as Ericsson and Nokia (NOKIA.HE) have been hit by a slowdown in spending by telecoms companies. Mellander said the company had increased its previously announced 2023 cost saving target of 11 billion Swedish crowns ($1.01 billion), including the laying off 8,500 employees, to 12 billion crowns. India has been a rare growth area with sales quadrupling to about 10 billion crowns, but that is expected to slow down next year.

Persons: Fredrik Sandberg, Carl Mellander, Mellander, Borje Ekholm, Supantha Mukherjee, Terje Solsvik, Kirsten Donovan Organizations: Ericsson, TT News Agency, REUTERS, Reuters, Gear, Nokia, Jefferies, Thomson Locations: Stockholm, Sweden, India, STOCKHOLM, North America, Swedish

☆ Ericsson CEO: U.S. demand down almost 50%
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEricsson CEO: U.S. demand down almost 50%Börje Ekholm, CEO of Ericsson, discusses third-quarter earnings and explains the company's strategy behind its acquisition of communications company, Vonage.

Persons: Ekholm Organizations: Ericsson

☆ Ericsson $3 bln hit ticks most boxes for M&A folly
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsLONDON, Oct 12 (Reuters Breakingviews) - Börje Ekholm’s overpriced M&A has come home to roost. The $15 billion Swedish telco equipment maker’s chief executive said on Wednesday he was writing down 50% of the value of software company Vonage. While the 32 billion Swedish crowns ($3 billion) hit is a non-cash impairment, Vonage remains a major goof. Ericsson bought it for $6.2 billion as recently as November 2021, in cash, and the deal only closed three months ago. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Blake, Breakingviews, Ekholm, Karen Kwok, George Hay, Streisand Neto Organizations: T's, REUTERS, Reuters, Ericsson, Deutsche Telekom, Reuters Graphics Reuters, X, Qantas, Thomson Locations: San Diego , California, U.S, Brussels

☆ Nokia issues profit warning, rival Ericsson delivers 'lukewarm' results
▼ + stars: | 2023-07-14 | by ( Martin Coulter | ) www.reuters.com time to read: +3 min

Nokia's shares dropped 7.8% in early trade to their lowest since April 2021, while Ericsson shares were down 7.7%. Nokia reported preliminary second-quarter sales of 5.7 billion euros ($6.4 billion), while analysts polled by Refinitiv had estimated sales of 6 billion euros on average. Nokia said it now expects 2023 sales of 23.2-24.6 billion euros ($26.1-$27.6 billion) against 24.6-26.2 billion euros estimated previously. Meanwhile, Ericsson reported a 62% fall in second-quarter adjusted operating profit, slightly above market expectations. The Swedish telecom equipment maker's operating profits, excluding restructuring charges, fell to 2.8 billion Swedish crowns ($271 million), compared with 7.4 billion crowns the previous year.

Persons: Refinitiv, Börje Ekholm, Ericsson's, Richard Webb, Webb, we’ll, Martin Coulter, Anna Ringstrom, Krishna Chandra Eluri, Tom Hogue Organizations: Nokia, Ericsson, Markets, Reuters, 5G, CSS Insight, Thomson Locations: North America, India, Swedish

☆ Ericsson CEO says he is looking to India for opportunities amid a fall in second-quarter profits
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEricsson CEO says he is looking to India for opportunities amid a fall in second-quarter profitsBörje Ekholm, CEO of Ericsson, speaks on the telecom company's second-quarter results and where opportunity may lie for the business.

Persons: Börje Ekholm Organizations: Ericsson Locations: India

☆ Ericsson to Pay About $207 Million After DOJ Finds It Breached Deal
▼ + stars: | 2023-03-02 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Ericsson AB has agreed to pay $206.7 million in a foreign bribery settlement with the U.S. Justice Department, which found the telecommunications company had breached an earlier deal. Stockholm-based Ericsson will plead guilty to the original charges it faced following its breach of a 2019 deferred prosecution agreement, the Justice Department said Thursday. In a deferred prosecution agreement, prosecutors charge a company but agree that they will drop those charges after a period of time if the company abides by certain conditions. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The failures prevented the Justice Department from bringing charges against certain individuals, it said.

☆ Ericsson pleads guilty in U.S. to federal bribery violations, agrees to pay $206 million penalty
▼ + stars: | 2023-03-02 | by ( Rohan Goswami | ) www.cnbc.com time to read: +4 min

Swedish telecommunications giant Ericsson agreed to pay a $206 million penalty and pleaded guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act, or FCPA, U.S. prosecutors announced Thursday evening. Additionally, the company paid about $540 million to the Securities and Exchange Commission. The company also allegedly failed to disclose possible evidence of a similar scheme in Iraq. "Instead of honoring that commitment, Ericsson repeatedly failed to fully cooperate and failed to disclose evidence and allegations of misconduct in breach of the agreement." In a release, Ericsson said its own internal investigation "did not conclude that Ericsson made or was responsible for any payments to any terrorist organization."

☆ Ericsson Compliance Chief to Leave as Company Remains Under U.S. Scrutiny
▼ + stars: | 2023-02-28 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Ericsson AB said its chief compliance officer will leave the company, as the telecommunications-equipment company continues to clean up its ethics and compliance programs following a bribery settlement. Laurie Waddy, who joined Stockholm-based Ericsson in April 2019 as compliance chief, will leave the company after almost four years, the company said Tuesday. Jan Sprafke, Ericsson’s head of compliance for Europe and Latin America, will become interim compliance chief while the company searches for a permanent successor. Mr. Sprafke will report to the company’s chief legal officer and the board’s audit and compliance committee. Ms. Waddy will work with Mr. Sprafke during the transition on issues related to the compliance functions and the company’s U.S.-mandated monitorship, according to Ericsson.

☆ Ericsson CEO: Very early still in 5G cycle
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEricsson CEO: Very early still in 5G cycleEricsson CEO Börje Ekholm dicusses the progress 5G networks have made, the role of enterprise, and the importance of the Indian market at the Mobile World Congress in Barcelona.

☆ Telecom giant Ericsson says Europe’s industry structure is ‘probably unsustainable’
▼ + stars: | 2023-02-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Ericsson recently announced it is planning to cut 8,500 jobs as part of its cost-cutting measures. The chief executive of Swedish telecom company Ericsson on Monday warned Europe's industry structure is likely unsustainable, calling for consolidation across the region to boost competitiveness. The comments come shortly after the company, which is one of the world's biggest providers of 5G mobile networks, announced it is planning to cut 8,500 jobs as part of its cost-cutting measures. Asked how the region can address this issue, Ekholm replied, "You know my view on this, I do believe Europe needs to consolidate." Ekholm said in countries such as the U.S., China and India, consolidation had meant there were now just two or three operators nationwide.

BARCELONA, Feb 27 (Reuters) - Ericsson's (ERICb.ST) CEO says the company is still in the market for more acquisitions, albeit smaller ones, after splurging over $7 billion to buy networking company Cradlepoint and communication platform Vonage. In contrast with Nokia, which announced a new strategy focused on enterprise, Ericsson expects to continue to focus on its business of selling to communications service providers (CSPs) or telecom operators along with adding to its enterprise offerings. While the global enterprise business, which revolves around private 5G and automating factories, has yet to grow significantly, it has been a melting pot of partnerships between equipment makers, mobile operators and big technology companies. “We will need to add to our enterprise offerings, so you will see smaller acquisitions,” CEO Borje Ekholm told Reuters on the sidelines of the Mobile World Congress (MWC) in Barcelona on Monday. "We have 90% plus of sales from CSPs... we need to build on that strength that is always central [to the business]."

☆ Googlers are begrudgingly testing Bard and making memes out of their new task.
▼ + stars: | 2023-02-27 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Since it's a tough time in the tech industry right now, I hope this resonates with some of you, too. Thomas Maxwell/InsiderGooglers are begrudgingly testing their company's ChatGPT competitor. CEO Sundar Pichai asked every employee to spend multiple hours testing Google's new chatbot Bard. They were tasked with improving Bard by asking it questions and flagging bad answers, in addition to their normal responsibilities. Some made memes from the conversations they've had with Bard, continuing a trend of internally mocking the chatbot.

☆ Ericsson to lay off 8,500 employees -memo
▼ + stars: | 2023-02-24 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

STOCKHOLM, Feb 24 (Reuters) - Telecom equipment maker Ericsson (ERICb.ST) will lay off 8,500 employees globally as part of its plan to cut costs, a memo sent to employees and seen by Reuters said. "The way headcount reductions will be managed will differ depending on local country practice," Chief Executive Borje Ekholm wrote in the memo. Many telecom companies had beefed up their inventories during the height of the pandemic which is now leading to slowing orders for telecom equipment makers. Verizon (VZ.N), one of the largest telecom companies, plans to spend between $18.25 billion and $19.25 billion this year, down from a capital expenditure budget of $23 billion last year. Nordic rival Nokia (NOKIA.HE) has not announced any plans to lay off employees.

☆ India is a true bright spot in the midst of a global downturn, top execs and policymakers say
▼ + stars: | 2023-01-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

But India does shine out among the world's biggest economies, with Europe hovering on the brink of potential recession and U.S. growth slowing. "It's for the whole digital India, and creating a digital society in India," Ekholm told CNBC. watch nowIndia, he continued, "will very shortly have the best digital infrastructure outside of China," driven by telecoms juggernauts Bharti Airtel and Jio, he added. Strong tailwinds"We are very optimistic and very positive on India," the chief executive of Tata Consultancy Services, Rajesh Gopinathan, told CNBC. As Anish Shah, chief executive of Mahindra Group, told CNBC: "India will get impacted.

☆ Ericsson Warns of Slowing 5G Orders in North America
▼ + stars: | 2023-01-20 | by ( Dominic Chopping | ) www.wsj.com time to read: 1 min

Ericsson Chief Executive Börje Ekholm said he is confident that operators would increase their spending later this year. STOCKHOLM— Ericsson AB reported lower-than-expected quarterly profit and warned it faced an uncertain start to the new year as telecom operators in markets like the U.S. hold off placing new orders for 5G gear amid economic uncertainty. The Swedish telecommunications-equipment company said Friday that the trend started to hurt its key networks unit in the fourth quarter and that it expects it to continue during the first half of 2023.

☆ Europe is falling behind on 5G, Ericsson CEO says
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope is falling behind on 5G, Ericsson CEO saysEricsson CEO Börje Ekholm says that, despite big headline numbers in the EU's Covid recovery package, the 150 billion euros earmarked for 5G investment isn't going where it should.

☆ Ericsson sees margin at lower end of target; pushes for cost cuts
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Company to reach lower end of 15-18% EBITA range by 2024Accelerating cost cuts of 9 bln SEK by end of next yearSTOCKHOLM, Dec 15 (Reuters) - Swedish telecom equipment maker Ericsson (ERICb.ST) said on Thursday it would reach the lower end of its long-term target of a profit (EBITA) margin of 15-18% by 2024 as several of its more profitable markets show signs of slowing down. While U.S. and other markets are slowing down, Ericsson is hoping newer markets such as India would help it balance some of the lower demand for 5G equipment. The company is now accelerating plans to cut costs by 9 billion crowns ($880 million) by the end of 2023. While demand for 5G equipment has been strong, the early stages of rollouts tend to have lower margins, meaning telecom groups such as Ericsson and Finnish rival Nokia (NOKIA.HE) rely on patent royalties to boost profits. On Wednesday, Ericsson said U.S. regulators had extended its monitoring of the company for compliance following the 2019 settlement for one more year.

☆ Ericsson to Stay Under U.S. Compliance Monitor an Extra Year
▼ + stars: | 2022-12-14 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Ericsson AB will face an additional year’s scrutiny from a U.S.-mandated monitor appointed in connection with a bribery settlement the company reached in late 2019. The Stockholm-based telecommunications company said Wednesday it had agreed with the U.S. Justice Department and Securities and Exchange Commission to extend the term of its independent compliance monitor until June 2024. The Justice Department notified Ericsson last year that it had breached the agreement by failing to be sufficiently forthcoming with documents and information. Ericsson said it would use the additional time under monitorship to shore up its risk management and compliance frameworks. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.

☆ Ericsson earnings miss estimates as costs dent margins
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Oct 20 (Reuters) - Swedish telecom equipment maker 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. Ericsson's quarterly revenue, however, rose to 68 billion crowns from 56.3 billion a year earlier, beating analysts' average estimate of 66.25 billion. Footprint gains with large-scale projects in early stages tend to have a dilutive impact on gross margins, Chief Executive Borje Ekholm said in a statement. ($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.

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