Telecom equipment maker Ericsson said on Tuesday it saw its third-quarter earnings coming in below market expectations as well as its own forecasts due to "an unexpected shift in the business mix".
Ericsson, the world's biggest mobile network maker, said its preliminary operating earnings fell to 5.6 billion Swedish crowns ($876 million) from a year-ago 8.8 billion to come in below the 8.9 billion seen in a Reuters poll of 33 analysts.
"The unexpected development in the quarter is mainly due to a shortfall in sales in mobile network upgrades and expansions which resulted in an unfavorable business mix that also negatively affected group margins," the firm said in a statement.
Courtesy : Expressindia.com
Ericsson, the world's biggest mobile network maker, said its preliminary operating earnings fell to 5.6 billion Swedish crowns ($876 million) from a year-ago 8.8 billion to come in below the 8.9 billion seen in a Reuters poll of 33 analysts.
"The unexpected development in the quarter is mainly due to a shortfall in sales in mobile network upgrades and expansions which resulted in an unfavorable business mix that also negatively affected group margins," the firm said in a statement.
Courtesy : Expressindia.com