| STOCKHOLM
An attempt by Ericsson’s (ERICb.ST) new chief executive to lay out his strategy for the Swedish telecoms equipment maker backfired on Tuesday when it exposed problems related to some of its main contracts.
Chief Executive Borje Ekholm, who took charge only in January, announced up to $1.7 billion in provisions, writedowns and restructuring costs to be taken in the first three months of the year.
Ekholm has to contend with shrinking markets and mounting competition from China’s Huawei and Finland’s Nokia (NOKIA.HE).
His strategy statement on Tuesday raised concerns by including 7-9 billion crowns ($797 million-$1 billion) in first quarter provisions “t…
Read the full article at: http://www.reuters.com/article/us-ericsson-strategy-idUSKBN16Z0JJ
