Ericsson profit falls 92%

Ericsson AB, the world’s largest maker of wireless networks, has reported a 92 per cent drop in the company’s fourth quarter profit, as the phone companies reduced spending.

Ericsson’s net income dropped to USD 43.4 million or 314 million kronor from 3.89 billion kronor a year earlier, the company said in a statement.

The Stockholm based company was however anticipating a profit of 2.5 billion kronor.

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