An attempt by Ericssons 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 Chinas Huawei and Finlands Nokia.
His strategy statement on Tuesday raised concerns by including 7-9 billion crowns …
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