Report
Stephane Houri

Ericsson : Better positioned than Nokia, but the absence of operating leverage is the main problem

>Disappointing Q4 2019 results on margins, largely because of the acquisition of Kathrein - Ericsson reported Q4 2019 revenue of SEK 66.4bn, up 1% on cc. This marks a slowdown on growth of 6% in Q3 2019. But this figure is still 0.9% better than the consensus of SEK 65.8bn. Weakness in North America (-9%) and Europe/Latin America (-5%) was offset by growth in other markets, mainly the Middle East (+19%) and North East Asia (+11%). Reported revenue showed growth of 4...
Underlying
Telefonaktiebolaget LM Ericsson Class B

Ericsson provides communications technology and services. Co.'s services, software and infrastructure – especially in mobility, broadband and the cloud – enable the telecom industry and other sectors to do business, increase efficiency, improve the user experience and capture new opportunities. Co. has more than 110,000 professionals and customers in more than 180 countries. Co. provides support for networks with more than 2.5 billion subscribers. Co.'s core business areas are called Radio, Core and Transmission and Telecom Services. Co. divides its operations into three business segments: Networks, Global Services and Support Solutions.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Stephane Houri

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