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Ericsson reports profit halved, sees telecom operator investment boost

AFP
February 1, 2013, 1:01 am TWN

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STOCKHOLM -- Ericsson, a leading provider of telecom equipment to global markets, reported on Thursday that net profit plunged by half last year, hit by a charge for its joint venture ST-Ericsson, but was confident about prospects this year as operators boost capacity.

Ericsson said in December that it would book a charge of 8 billion kronor (US$1.25 billion) after the announcement that French-Italian group STMicro was pulling out of ST-Ericsson.

The joint venture has not reported a single quarter of profits since being created at the beginning of 2009. In the fourth quarter of last year it reported a net loss of US$133 million.

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