Ericsson reported its third-quarter results, beating expectations despite taking a hit in China.
Ericsson is one of the leading providers of telecom equipment. The company is currently working to help carriers transition to 5G. Ericsson has been warning, however, that loss of market share in China would negatively impact the company. The company has lost market share as a result of China retaliating against foreign companies whose countries banned Huawei.
Despite the challenges, Ericsson has managed to beat revenue expectations, reporting earnings of 8.8 billion Swedish crowns, or $1.02 billion.
The company blamed China, as well as some supply chain issues, for its negative growth in organic sales.
“While we continued to gain share in a growing market, the expected sales reduction in Mainland China, lower variable sales in Managed Services and some supply chain disturbances, led to a negative organic sales development of -1%.”
All-in-all, however, the results were welcome news for the company.