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