Ericsson reports major drop in revenues

Ericsson reports major drop in revenues

Ericsson is the market leader in the mobile phone network equipment segment.

The company has posted their latest revenue report and their net profits have gone down 70-percent in the second quarter of the year.

Ericsson has also suffered a two-thirds fall in operating margins.

The company said that they are struggling due to a major slowdown in the western European markets.

The result also suffered due to weakness of the dollar and restructuring charges.

Their profits were down to 1.9 billion kronor compared to figures of 6.4 billion kronor in the same period of last year.

The sales were however up at 48.5 billion kronor.