Ericsson (ERIC) Gets Crushed Following Weak Q4 Earnings; Sees Spending Slowdown

LM Ericsson (Nasdaq: ERIC) shares are getting smashed following weak Q4 numbers.

According to the Company, fourth-quarter earnings moved from SEK 1.65 per share to just SEK 0.55 per share.

Revenue for the quarter moved higher to SEK 63.7 billion, compared to SEK 62.8 billion in Q410.

Commenting on the quarter, CEO Hans Vestberg said, "We saw weaker development in Networks, as well as an expected gross margin impact from a changed business mix with more coverage projects, modernization projects in Europe, and a higher services share...short-term, we expect operators to continue to be cautious with spending, reflecting factors such as macro economic and political uncertainty."

Shares are down over 15 percent early Wednesday.

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