Vestberg Vows to Continue Ericsson Transformation
Ericsson AB will accelerate cost cuts after posting sales that missed analysts’ estimates, as Chief Executive Officer Hans Vestberg battles waning demand for mobile-network gear. Ericsson said it will reduce research and development spending and try to reap efficiency gains from a new company structure. Second-quarter sales fell 11 percent to 54.1 billion kronor ($6.3 billion) as phone carriers in Europe, Russia and Brazil curbed investments in wireless equipment. Analysts predicted a 9 percent drop to 55.2 billion kronor on average. Ericsson CEO Hans Vestberg discusses with Bloomberg's Manus Cranny on "The Pulse."
Most Recent Videos
Trump to Release 'Very Powerful' Tax Plan Tomorrow
04:18 - President Donald Trump outlined some details of his tax plan Tuesday as he spoke with a bipartisan group of House Ways and Means Committee members at the White House. (Source: Bloomberg)