Swedish telecoms giant Ericsson said on Tuesday that it is moving forward up that it cost-cutting program As you would expect it’s choppy environment” this year after falling profits in the first quarter.
the telecom equipment Maker will now reduce 11 billion Swedish kronor ($1.1 billion). in 2023, saying that found An additional 2 billion crowns in savings.
Ericsson announced in February that it will cut 8,500 jobs worldwide, or 8%. of its workforce.
Swedish group closed in a battle with Finnish competition Nokia and Chinese Huawei for 5G networks. However, it has noticed that its clients – mobile operators Slower spread of This is amazing equipment.
“We still see spotty environment during the year 2023 with “Low Vision,” Erickson said. in Quarterly earnings statement.
Ericsson net Profits fell 46% to 1.6 billion crowns in The period from January to March.
Sales were up 14% but held flat when adjusted for numbers by account for Currency exchange and other standards.
Ericsson said it expects customers to ” remain to caution” with investments and continue to adjust their stocks in the second quarter.
We expect the slowest growth We saw in Q1 (file first quarter), caused than slower global economyto complete in Q2,” Ericsson added.
Allegations of graft in Iraq has also Shareholders’ confidence was shaken in company.
Erickson said last The month you will pay a $207 million fine for Deal busting with US authorities by not disclosing the investigation of Suspected bribes to the Islamic State group in Iraq.
