Ericsson in the red for third quarter

STOCKHOLM: Swedish telecommunications technology company Ericsson on Friday reported a third quarter net loss of 200 million kronor ($22.5 million), citing weaker demand in several key markets.

Ericsson said year-on-year sales in the quarter declined 14 per cent to 51.1 billion kronor.

The report was in line with a profit warning it issued last week, citing weaker demand for mobile broadband in Brazil, Russia and the Middle East, and saturated markets in Europe after last year’s rollout. “The negative industry trends from the first half of 2016 have further accelerated,” Interim Chief Executive Jan Frykhammar said. — dpa