Ericsson took another hit in the first quarter as losses widened to SEK 12.3 billion (€1.30 billion).
Just one year ago the company made a SEK 3.5 billion profit.
The company’s Media and IT & Cloud divisions particularly suffered, justifying the Swedish tech firm’s decisions to put them on the market. Media made a loss of SEK 2.8 billion.
“The accelerated losses in Media were caused by a faster than anticipated decline in legacy product sales, not offset by growth in the new portfolio. While continuing to develop our media solutions we are exploring strategic opportunities for Media to allow it to scale and succeed in the evolving media landscape,” explained CEO Börje Ekholm.
In March, Ericsson outlined what is believes is a more focussed business strategy and new executive team.
