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Ericsson earnings stalled by the great 5G wall of China
- Friday | 16th July, 2021
STOCKHOLM (Reuters) -Sweden’s Ericsson on Friday reported second-quarter core earnings below market estimates, as strong sales of 5G equipment in most markets was offset by a decline in sales in mainland China. While organic sales grew 8%, sales in mainland China declined by 2.5 billion crowns. Meanwhile, Nokia, which reports earnings on July 29, is expected to get its first 5G radio contracts in China. Ericsson on Friday signed an $8.3 billion five-year 5G contract with Verizon, its single largest deal. The company’s quarterly adjusted operating earnings rose to 5.8 billion Swedish crowns ($669.9 million) from 4.5 billion a year ago, missing the mean forecast of 6.01 billion crowns, according to Refinitiv estimates.
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