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Ericsson shares volatile after results, $2.9 billion charge

2023-10-12 15:52
Ericsson shares were volatile early on Thursday, defying indications for a sharp fall after the Swedish telecom gear
Ericsson shares volatile after results, $2.9 billion charge

Ericsson shares were volatile early on Thursday, defying indications for a sharp fall after the Swedish telecom gear maker overnight announced a $2.9 billion impairment related to its acquisition of Vonage last year.

Traders said investors were focusing on the company's operational results which were in line with market expectations.

Ericsson reported a preliminary third-quarter operating profit before amortisation, restructuring and impairment charges of 4.7 billion Swedish crowns ($431 million), down 39%.

Ericsson shares were down 0.4% at 0733 GMT, having traded between a rise of 2.2% and a fall of 2.4% on the day. The stock has lost around 13% in 2023.

($1 = 10.9010 Swedish crowns)

(Reporting by Danilo Masoni; editing by Jason Neely)