Business | Technology

Ericsson posts fourth quarter loss, but sales up

Says sales rose 5 per cent as mobile operators invested in broadband networks

  • AP
  • Published: 12:34 February 14, 2013
  • Gulf News

Stockholm:- Wireless equipment maker Ericsson has posted a 6.46 billion kronor ($1.02 billion) loss in the fourth quarter due to a massive one-time charge, but says its sales rose 5 per cent as mobile operators invested in broadband networks. A big quarterly loss was expected after Ericsson announced last month it would take an 8 billion kronor charge related to semiconductor manufacturer ST-Ericsson. That announcement came after Switzerland-based STMicroelectronics said it wanted out of the joint venture. The fourth-quarter result compared with a net profit of 1.15 billion kronor in the same period in 2011. But Ericsson said sales jumped to 66.9 billion kronor, from 63.7 billion kronor a year earlier, driven by investments in mobile broadband networks in North America in Japan.

Gulf News
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