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BtoB

Ericsson posts $374M loss

Published on .

London--Ericsson, the world's biggest maker of mobile phone equipment, said it lost $374 million in the third quarter compared with a profit of $415 million a year earlier. Ericsson Chairman Lars Ramqvist is to step down at the company's shareholder meeting in March and be replaced by Michael Treschow, CEO of Electrolux, one of the world's biggest appliance makers. Stockholm-based Ericsson, which gets 80% of its sales from mobile systems, has been hurt by the downturn in telecommunications industry.
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