Ericsson post third quarter losses
Ericsson posted a big loss for the third quarter and said that it does not expect a recovery in the near future.
The company reported a pretax loss of 5.8bn kronors (US$548.7m) compared with a profit of 4.1bn kronors a year ago.
The company said that total mobile systems sales fell 8% in the quarter, though are up on the year to date.
GSM sales showed a decline of 6% for the quarter.
Mobile phone sales fell from 7.7 million to 7.2 million units during the quarter.
It is expected that there will be some increase in sales next year, with a larger proportion of replacement phones, especially phones for GPRS (general packet radio service), and Bluetooth.
The company announced that chairman Lars Ramquist will be replaced by Michael Treschow, now president and CEO of Swedish electronics manufacturer Electrolux.
Though the company posted losses the share price rose on publication of the results, on stronger than expected cash flow.
Ericsson employs about 2,500 people in Ireland.
