STOCKHOLM—Swedish telecom equipment maker Ericsson has agreed to plead guilty to U.S. foreign corruption violations and pay more than $206 million for breaking a deal with the Justice Department over charges of bribery and falsifying records in countries from China to Kuwait. The U.S. Justice Department said the company, based in Stockholm, violated a 2019…
Ericsson to Cut 1,400 Jobs in Sweden
February 20, 2023
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STOCKHOLM—Telecoms gear maker Ericsson plans to cut about 1,400 jobs in Sweden as part of a broader plan to reduce costs globally, it said on Monday. The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America….
BT and Ericsson Join Forces to Build 5G Private Networks
LONDON—Telecoms company BT and Ericsson have struck a multi-million pound partnership to offer private 5G networks to businesses across Britain, enabling them to deploy Internet of Things and other technologies quickly and securely. Private 5G networks mirror public 5G, but connectivity is limited to a group of devices in a dedicated space, such as a…
Ericsson Chalks Out Restructuring Plans
Ericsson disclosed plans to restructure its operating units to focus on mobile infrastructure and business customers, effective June 1. EVP Arun Bansal and Peter Laurin, head of the business area managed services, will leave the company. Ericsson created a new business unit by merging digital services and managed services to increase its cloud expertise and build…
Ericsson Shares Drop Post Q1 Results; Acknowledges DOJ Penalty, Russia Business Suspension
Telefonaktiebolaget L M Ericsson reported a first-quarter FY22 sales growth of 11 percent year-on-year to SEK 55.1 billion. Group organic sales grew by 3 percent Y/Y, driven by Networks in North America, Europe, and Latin America. Organic sales in Networks rose 4 percent Y/Y, and Digital Services sales down by 2 percent Y/Y. It reported an EPS…
Probe Into Ericsson Allegedly Paying ISIS While Conducting Business In Iraq
Swedish telecom company Ericsson may have made payments to terror outfits in Iraq to gain access to specific transportation routes, the company CEO Borje Ekholm recently admitted. “Unusual expenses dating back to 2018” have been identified by the company, Ekhold told Dagens Industri, a local newspaper, according to Bloomberg. However, Ericsson is yet to determine…
Ericsson Clocks 3 Percent Sales Growth in Q4; Proposes Dividend Hike of 25 Percent
Telefonaktiebolaget LM Ericsson reported a fourth-quarter FY21 sales growth of 3 percent year-on-year to SEK71.3 billion. Group organic sales grew by 2 percent Y/Y. Organic sales in Networks rose 3 percent Y/Y, and Digital Services sales were flat Y/Y. It reported an EPS of SEK 3.02 versus SEK 2.26 last year. The adjusted gross margin expanded 290…
Ericsson to Acquire Vonage at 28% Premium
Telefonaktiebolaget L M Ericsson agreed to acquire Vonage Holdings Corp. for $6.2 billion. The purchase price values Vonage at $21 per share, implying a 28 percent premium to Nov. 19 closing price. Vonage is a cloud-based communications provider based in Holmdel, New Jersey, with 2,200 employees throughout the United States, EMEA, and APAC. The transaction…
Ericsson Shares Fall Following Violation of DOJ Agreement
U.S. prosecutors determined Telefonaktiebolaget LM Ericsson violated a $1.06-billion settlement agreement reached in 2019 over bribery allegations in five countries. The U.S. Justice Department (DOJ) intimated that Ericsson breached the agreement by failing to provide certain documents and information related to the settlement, The Wall Street Journal reports. Ericsson agreed to continue to cooperate with…
European Stocks Inch Up as Tech, Mining Shares Offset Losses in Ericsson
October 19, 2021
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Europe’s main stock index edged higher on Tuesday as gains in mining and technology shares helped offset losses in Sweden’s Ericsson, which reported a hit from global supply chain problems. The pan-European STOXX 600 rose 0.2 percent, with miners, utilities, and technology stocks leading morning gains. Technology shares were also behind a rise in main…
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