Ericsson waits for 4G as sales fail to impress

MOBILE telecoms equipment firm Ericsson yesterday missed forecasts on sales and earnings growth, though the company is hopeful that the spread of 4G networks will boost sales in future.

Swedish firm Ericsson reported earnings before interest and tax of 2.6bn crowns (£236m), up from 2.1bn a year ago but well short of analyst predictions of 3.5bn, on like-for-like revenues down seven per cent to 47.5bn crowns.

President and chief executive Hans Vestberg said the slide was due to large projects in North America that peaked a year ago. Ericsson has signed up to help Vodafone build its 4G network in Europe and is also working on fourth-generation projects in Japan and Taiwan.