Bloomberg에 나온 Ericsson의 3Q Earning에 대한 기사입니다.
10월 22일자입니다.
Ericsson은 그래도 흑자군요.
================================================================================
By Diana ben-Aaron
Oct. 22 (Bloomberg) -- Ericsson AB, the world’s largest maker of wireless phone networks, posted a steeper-than- expected 71 percent drop in third-quarter profit, as clients slashed spending and Chinese competition drove down prices.
The company had its biggest drop in three months in Stockholm trading after saying net income fell to 810 million kronor ($118 million) from 2.84 billion kronor, a year earlier, and sales slid 5.6 percent to 46.4 billion. Analysts expected profit of 1.97 billion kronor on sales of 50.4 billion kronor.
Chief Executive Officer Carl-Henric Svanberg said the market is “tougher” and credit in some emerging economies is still tight. Ericsson is fighting a slide in sales of telecommunications equipment as carriers such as TeliaSonera AB pare investments and competitors such as China’s Huawei Technologies Co. are able to sell network gear at lower prices.
“There’s fierce price competition from companies like Huawei and we may see some of that coming through in Ericsson’s numbers,” said Fredrik Thoresen, a DnB NOR analyst in Oslo.
The company’s shares sank 6.2 percent to 69.40 kronor in Stockholm. Before today, Ericsson gained 26 percent this year.
Network-equipment suppliers have suffered as the economic slump cut demand at phone operators, who capped or postponed spending. Nokia Oyj last week said it wrote down the value of its joint venture Nokia Siemens Networks, which competes with Ericsson, by almost a billion euros, citing a deteriorated outlook for the business.
Lower Prices
“Networks are still under pressure from the economic downturn,” said Michael Andersson, a Stockholm-based analyst with Evli Bank who has a ‘buy’ rating on Ericsson. “The numbers themselves are not so bad but people like to see a little more optimism. Management are cautious about their outlook - or rather they don’t give an outlook.”
Equipment makers are commanding lower prices. The cost of third-generation, or 3G, equipment declined 30 percent in 12 months, while older second-generation equipment slid 50 percent, Norwegian carrier Telenor ASA said on Sept. 15.
Competition from new entrants such as Huawei has driven down prices of base stations and other gear, hurting Ericsson and rivals Nokia Siemens and Alcatel-Lucent SA.
Huawei is “a tough competitor, always aggressive on new deals because they want to build their platform, but overall their cost advantages are not as big as some people think, because we have a lot of activities in low-cost countries already,” Svanberg said on a call with analysts.
Falling Sales
Ericsson’s 32 percent market share in the second quarter was unchanged from a year earlier, according to Redwood City, California-based market researchers Dell’Oro Group. Nokia Siemens remained the second-largest vendor with a 20 percent share, while third-place Huawei gained to 17 percent.
Ericsson took a 2.7 billion-kronor restructuring charge in the quarter for a cost-cutting program aimed at saving 10 billion kronor from the second half of 2010. Ericsson said it is running ahead of schedule on that plan.
Ericsson has three main business segments, namely equipment, services and multimedia. Sales in all of them were disappointing in the quarter, Jason Willey, a London-based analyst at Standard & Poor’s, wrote in a report.
“Sales fell well short of our estimates and consensus, with all three segments missing expectations,” he wrote. “We are most surprised by the magnitude of the shortfall in professional services.”
Increased Spending
Equipment sales fell 8 percent, while services sales gained 9 percent, the company said.
“Sales of network equipment declined due to lower demand and the credit environment is still tight in several emerging markets,” Svanberg said in the statement.
Svanberg said on the teleconference he expected operators to increase spending on data networks and thought the credit squeeze in emerging markets would ease fairly quickly.
“There were obviously less projects on the drawing boards six to 12 months ago, and I think all operators understand there are better times ahead,” Svanberg said.
Ericsson’s joint ventures, ST-Ericsson and Sony Ericsson Mobile Communications Ltd., posted losses, paring 1.6 billion kronor from pretax profit.
Losing Ventures
ST-Ericsson, a venture with chipmaker STMicroelectronics NV, said yesterday its third-quarter net loss narrowed to $201 million as mobile-phone sales recovered. Sony Ericsson’s third- quarter net loss was 164 million euros ($245 million), as sales fell 42 percent on tougher competition and tighter consumer spending.
Ericsson agreed in July to buy the code-division multiple access, or CDMA, technology unit from Canada’s Nortel for $1.13 billion, beating a bid from Nokia Siemens. Ericsson also bought a license on patents for Nortel’s long-term evolution, or LTE technology, which Nortel expects to become a standard in North America.
Competitor Nokia Siemens, a venture between Nokia and Siemens AG, had a third-quarter adjusted operating loss of 53 million euros, Nokia said Oct. 15.
To contact the reporter on this story: Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net
Last Updated: October 22, 2009 13:17 EDT
댓글 없음:
댓글 쓰기