Revenue Prioritized Over Margins in Ericsson's 2Q, Pressure to Continue; Maintaining SEK 81 FVE
No-moat Ericsson's second-quarter revenue of SEK 54.8 billion was well above consensus, but quarterly margin impacts are expected to persist. We have been skeptical about its ability to stave off the temptation of sacrificing margins for revenue gains, and this quarter showcased the decision to grab a larger network footprint and attempt to gain margins over the lifetime of contracts. Ericsson reaffirmed the expectation to hit 2020 margin targets, which we view as a more challenging goal with a ...
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