Rapid 5G deployment drives Nokia India’s net sales by 333% in Q2
Nokia’s net sales in its Optical Networks business also grew 16% on a constant currency basis, primarily driven by India, as per its earnings statement.
Nokia’s net sales in its Optical Networks business also grew 16% on a constant currency basis, primarily driven by India, as per its earnings statement.
The gear maker said that there is an agreement between Sweden and the US on 6G research, which would be important to companies such as Ericsson while citing Sweden’s Foreign Trade Minister, Johan Forssell.
Mellander has been with Ericsson for over 25 years and has been a member of its Executive Team since 2016. A recruitment process will be initiated to appoint a successor, Ericsson said in a statement.
Shareholders are upset with the company's perceived mishandling of alleged bribery cases. Ericsson was fined 207 million dollars earlier this year by the U.S. authorities for not properly disclosing that a 2019 investigation had found the company may have paid bribes to militant organisations in Iraq.
"What I believe is really impressive is the way India has been systematically building the digital ecosystem. Now the most ambitious and the fastest by a big margin 5G rollout in the world, these are our building blocks for the future economic growth in any country and India is really taking a lead in this respect," Lundmark said.
Under the DPA, the Justice Department had agreed to hold off prosecuting Ericsson for three years if it paid over $1 billion in penalties and other fees, implemented "rigorous internal controls", complied with U.S. laws and cooperated fully on any ongoing investigations.
In contrast with Nokia, which announced a new strategy focused on enterprise, Ericsson expects to continue to focus on its business of selling to communications service providers (CSPs) or telecom operators along with adding to its enterprise offerings.
While Ericsson did not disclose which geography would be most affected, analysts had predicted that North America would likely be most affected and growing markets such as India the least.
The charges related to alleged bribes paid to three people in the Republic of Djibouti over the period 2011-2012 for Ericsson AB to supply Djibouti Telecom SA to supply telecoms equipment in the country.
Ericsson reported an 11% drop in adjusted operating earnings for the first quarter to 4.7 billion Swedish crowns ($500 million). It was hurt by a $95 million provision for its indefinite suspension of business in Russia over the invasion of Ukraine.
“In the light of recent events and of European Union sanctions, the company will now suspend its affected business with customers in Russia indefinitely. Ericsson is engaging with customers and partners regarding the indefinite suspension of the affected business,” the company said in a statement.