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Ericsson’s earnings miss on software contract delay, Russia provision

04/14/2022

Less than a minute

2022.04.14 08:40

Ericsson's earnings miss on software contract delay, Russia provision
FILE PHOTO: An Ericsson logo is pictured at Mobile World Congress (MWC) in Shanghai, China June 28, 2019. REUTERS/Aly Song

STOCKHOLM (Reuters) – Sweden’s Ericsson (BS:ERICAs), under fire over its handling of a bribery investigation in Iraq, on Thursday reported a fall in first-quarter core earnings, hurt by a delay in recording a large software contract and a provision related to suspension of business in Russia.

The company’s quarterly adjusted operating earnings fell to 4.7 billion Swedish crowns ($497.16 million) from 5.3 billion a year ago.

The mean forecast of 6.63 billion does not reflect 0.9 billion crowns of provision announced earlier this week related to Russia, according to Refinitiv data.

04/14/2022

Less than a minute

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