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Ericsson shares volatile after results, $2.9 billion charge
© Reuters. FILE PHOTO: A general view of an exterior of the Ericsson headquarters in Stockholm, Sweden, January 24, 2020. TT News Agency/Fredrik Sandberg via REUTERS/File photo
(Reuters) – Ericsson (BS:) shares were volatile early on Thursday, defying indications for a sharp fall after the Swedish telecom gear maker overnight announced a $2.9 billion impairment related to its acquisition of Vonage last year.
Traders said investors were focusing on the company’s operational results which were in line with market expectations.
Ericsson reported a preliminary third-quarter operating profit before amortisation, restructuring and impairment charges of 4.7 billion Swedish crowns ($431 million), down 39%.
Ericsson shares were down 0.4% at 0733 GMT, having traded between a rise of 2.2% and a fall of 2.4% on the day. The stock has lost around 13% in 2023.
($1 = 10.9010 Swedish crowns)
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