Ericsson profits plunge in 2016
Swedish telecoms equipment maker Ericsson said Thursday its earnings plunged in 2016 on weak demand for mobile broadband networks in its developing markets, which were hit by economic slumps.
While the earnings report was gloomy reading, including a loss in the fourth quarter, the Ericsson share price rose at the opening of the Stockholm stock market.
Investors were buoyed by new chief executive Borje Ekholm's goal of "prioritising profitability over growth."
At 0830 GMT, the share price was up 5.68 percent in a market up by 0.75 percent, but had within an hour lost more than half that ground. The higher share price did little however to make up for the 35 percent the stock lost in 2016.
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