Sweden's Ericsson on Tuesday reported first-quarter core earnings that beat expectations, supported by stronger sales of 5G equipment in countries such as India, but sales in more established markets fell and eroded margins.
Ericsson logo is seen at its headquarters in Stockholm, Sweden June 14, 2018. REUTERS/Olof Swahnberg/File Photoon Tuesday reported first-quarter core earnings that beat expectations, supported by stronger sales of 5G equipment in countries such as India, but sales in more established markets fell and eroded margins.
After announcing plans to layoff 8,500 employees in February, it expects to save another 2 billion crowns in costs. The sales growth in the quarter was mainly from fiercely price competitive markets such as India rather than high-margin markets like the U.S."India is strong and a good example where our sales are up five times," Chief Financial Officer Carl Mellander said in an interview. India is the second largest market for Ericsson after the U.S., he said.Net sales rose 14% to 62.6 billion crowns, beating estimates of 60.43 billion.
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