Higher losses for Sweden's Ericsson in Q2

Second-quarter net losses at Swedish telecoms firm Ericsson rose to 11 billion Swedish kronor ($1.04 billion), the company announced on Friday.

The figure was a jump from last year's loss of 597 million kronor.

Loss per share was 3.34 kronor, compared to 0.21 kronor loss per share a year ago.

The latest results included 11.4 billion kronor impairment loss.

Adjusted earnings before interest, tax and amortization (EBITA) was 4.05 billion kronor, up 10% from last year's 3.68 billion kronor.

Adjusted EBITA margin was 6.8%, compared to 5.7% a year ago.Sales declined 7% to 59.85 billion kronor from last year's 64.44 billion kronor.

Organic sales also dropped 7%.Looking ahead, the company said it is on track to deliver the 12 billion kronor to 13 billion kronor IPR revenue target for 2024.

Borje Ekholm, president and chief executive of the firm, said, "We expect market conditions to remain challenging this year, as the pace of India investments slow, however our sales will benefit during the second half from contract deliveries in North America."