Expected major loss for Ericsson

Telecommunications manufacturer Ericsson reports an operating loss, excluding restructuring costs, of 11.9 billion SEK for the second quarter of this year. This contrasts with a profit of 2.8 billion SEK in the second quarter of last year.

Revenue amounted to 59.8 billion SEK, down from 64.4 billion SEK a year earlier.

The interim report follows Ericsson’s write-down of 11.4 billion SEK on the value of the New Jersey-based cloud services company Vonage, impacting the second quarter.

Despite the report, Ericsson’s stock has been up nearly 7 percent since the beginning of the year.