Ericsson topped earnings forecasts on robust 5G demand even though the company has been losing business in China since Sweden banned Huawei from its 5G rollout
Revenue up 2% at 71.3 bln crowns vs est 68.33 bln crownsSTOCKHOLM, Jan 25 - Ericsson
The Swedish company has been losing business in China since Sweden banned China's Huawei from its 5G rollout. China now accounts for a low single digit proportion of group revenue, down from more than 11% before the Swedish ban, Ericsson said.Register now for FREE unlimited access to Reuters.com"We have seen North America continue to grow very strongly and we grew there by 16% in the quarter in constant currency," Chief Financial Officer Carl Mellander said.
"We think we are still relatively early in the 5G rollout if you look on the globe, so we will continue to see good demand for 5G going forward," CEO Börje Ekholm told a conference call. The company's quarterly adjusted operating earnings rose to 11.9 billion Swedish crowns from 11 billion a year ago, beating analysts' mean forecast of 10.30 billion, according to Refinitiv data.While Ericsson's total quarterly revenue rose 2% to 71.3 billion crowns, beating estimates of 68.33 billion crowns, sales in mainland China declined by 1.8 billion crowns.
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