Ericsson reports threefold increase in Indian net sales, global sales decline

  • Investing.com
  • Stock Market News
Ericsson reports threefold increase in Indian net sales, global sales decline
Credit: © Reuters.

Swedish telecom giant Ericsson (BS: ERICAs )'s net sales in India for Q3 2023 have seen a more than threefold increase to approximately Rs 7,400 crore ($9.6 billion SEK), according to the company's recent financial report. This is a significant jump from Q3 2022 when India contributed around Rs 2,100 crore to the firm's net sales.

Despite this growth in the Indian market, Ericsson's global net sales for the same quarter fell by 5%. The company attributed this decline to a sharp decrease in its North American business, which was only partially offset by increased sales in South East Asia, Oceania, and India. Ericsson's CEO Brje Ekholm stated that the North American downturn was due to customer inventory adjustments and slower deployment.

In other developments, Ericsson and the Telecom Sector Skill Council (TSSC) have established a 'Center of Excellence' aimed at providing training for 5G and emerging technologies. Furthermore, Ericsson surveys anticipate that around 31 million Indian users will upgrade to 5G phones by the end of this year.

However, reports have emerged regarding Ericsson's inability to supply Vodafone (NASDAQ: VOD ) Idea Limited (Vi) with 5G equipment on credit. Further details about these reports are yet to be clarified.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100