The global economic downturn finally caught up with Ericsson in the third-quarter, as the Swedish vendor reported a huge 71 percent drop in net income (to SEK810 million/US$118 million). Sales came in at SEK46.4 billion, a 6 percent slip on revenue of SEK49.2 billion in the year-ago quarter. Both revenue and profit fell short of analyst forecasts by a long way.
Indian greenfield operator Unitech Wireless has selected Swedish vendor Ericsson to supply network equipment and manage its rollout for three circles in a deal worth an estimated US$500 million, according to an Economic Times report cited by TeleGeography.
Mobile network equipment maker Ericsson has signed a long-term bilateral loan of US$625 million with the Swedish Export Credit Corporation.