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| Ericsson's CEO does not see recovery by Jeremy at 9:09 am EST, Mar 28, 2002 | |||
Ericsson's CEO said Wednesday he saw no signs of a turnaround in the company's business this year, and shares of the cell phone and telecom gear maker fell in early trading. "We see no signs that the market has turned. The point of departure in our planning is that it will not turn this year. ... The market is cold. There is no significant increase in orders." Ericsson's orders fell 16 percent last year from 2000 and 39 percent in the fourth quarter alone. Like other companies in the telecoms equipment sector, Sweden-based Ericsson has been hard hit by the global economic slowdown. This, coupled with the billions of euros European companies have spent on third generation mobile telephony licences, has frozen operators' investment. These statements only confirm the bad news and grim outlook of the recent feature article in The Net Economy. So why do you we see quarterly reports that point to wireless as near-term centers of growth, revenue, and profits? | |||
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