Ericsson Flags $1.77 Billion Write-Down
Ericsson AB's costly turnaround continues.
The Swedish telecommunications-equipment maker said it expects to write down another 14.2 billion Swedish kronor ($1.77 billion) in assets, as it struggles to retool itself in the face of slowing sales and nimbler Chinese rivals. It is the latest in a series of charges amounting to more than $5 billion over the past two years.
Over that period, Ericsson has replaced its chief executive and chairman, shed thousands of jobs and racked up quarterly losses. It has also tussled with an activist investor, who ultimately won a role picking board members...