Ericsson made an operating loss of SwKr1.2 billion and its shares fell 15.6 per cent ReutersThe outlook for Ericsson darkened yesterday as the Swedish telecoms group accompanied a fresh profit warning with a worsening prognosis for the mobile infrastructure market. Shares in Ericsson slumped by 15.6 per cent to SwKr51.45 after it reported an 8 per cent fall in second-quarter net sales to SwKr49.9 billion (£4.6 billion), indeed a somewhat steeper a drop of 13 per cent after adjusting for currency movements. It made an operating loss of SwKr1.2 billion, down from a profit last time of SwKr2.8 billion and well down on an analysts’ consensus forecast of a SwKr244 million loss. The group, which in May had its credit rating downgraded to junk status by Moody’s, one of the three leading ratings agencies, provided a bleak analysis of its…

Source: The Times July 18, 2017 23:02 UTC