Swedish Ericsson returns to networks
 

New business is borked

Swedish outfit Ericsson has given up on getting more clients beyond the telecoms industry to refocus on selling networks to mobile phone companies.

The move is to try and cut costs and halt a dramatic fall in its share price.

Ericsson’s key clients include Vodafone and Verizon but it has seen its profits fall due to competition from Nokia and China's Huawei. Telecoms companies are also cutting back and Ericsson shares have fallen 30 percent in two years.

In 2014 announced plans to diversify so that by 2020 up to 25 percent of revenue would come from industries beyond telecoms, such as media, utilities and transport, from an estimated 10 percent in 2013.

http://fudzilla.com/news/mobile/4397...ns-to-networks