Ericsson Takes $109 Million Hit as China Assets Written Down
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Ericsson AB will need to write down assets related to its business in China, resulting in a 1 billion-krona ($109 million) hit to the Swedish telecom giant, the company said in a statement on Monday.
The company is seeking to expand in China as the country’s three major mobile operators invest large amounts in building mobile networks based on the next generation of wireless technology, and it has won business from all of them. The nation’s largest carrier, China Mobile, reported a 549% gain in 5G subscribers in April from January.