Ericsson Plunges as Media and Enterprise Losses Pile Up
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Ericsson AB’s shares plummeted the most in 18 months after the Swedish mobile equipment provider reported weak sales in Asia and losses in non-core units.
The selloff was triggered by losses piling up in its enterprise and media businesses, coupled with a significant drop off in sales following India’s rapid 5G roll-out. Investors may also be taking profits given the stock’s significant rise over the last year.