Ericsson does worse than expected

Swedish Mobile telecom equipment maker Ericsson has shocked the cocaine nose jobs of Wall Street by posting a a slightly bigger than expected first-quarter operating loss.

The outfit said that the current miserable industry trends and business mix in mobile broadband from 2016 were expected to prevail in 2017.

Sweden’s Ericsson posted an operating loss of $1.4 billion as previously announced provisions, write-downs and restructuring costs pushed it deeper into the red.

All this compared to a modest profit in the year-ago quarter and was just below what Wall Street had expected.

Sales at Ericsson, one of the top global mobile networks equipment makers, were $5.23 billion, below a consensus forecast of $5.34 billion, while the gross margin came in at 13.9 percent compared to the 17.9 percent seen by analysts.