LM Ericsson Telephone (ERIC.US) writes off about $1.1 billion for its subsidiary Vonage, the second time since acquisition.

According to the Zhitong Finance APP, telecommunications equipment manufacturer LM Ericsson (ERIC.US) stated that it will include SEK 11.4 billion (approximately USD 1.09 billion) in non-cash impairment expenses in the second quarter of 2024. This is the second write-off after the company acquired cloud communication company Vonage. It is understood that LM Ericsson spent USD 6.2 billion in cash to acquire Vonage, which was called one of the company's largest deals in history to help it target enterprise customers and seek diversification from mobile network businesses. Since then, due to a decline in demand for 5G equipment and a decline in mobile network revenue, LM Ericsson...

Zhitong FinanceJul 4 04:22 ET

Ericsson Shares Fall After Another $1 Billion Vonage Impairment Charge

Yahoo FinanceJul 4 03:28 ET

Ericsson to Incur SEK11.4 Billion Non-cash Impairment on Vonage Acquisition

Ericsson (ERIC-A.ST, ERIC-B.ST) said Wednesday it will book a non-cash impairment charge of 11.4 billion kronor in the second quarter of 2024, indicating lower anticipated market growth rates in Vonag

MT NewswiresJul 4 00:32 ET

Ericsson Thailand Seeks to Drive Digital Transformation in Thailand

Ericsson (NASDAQ: ERIC) Thailand today unveiled its ambitious vision to drive the digital transformation of Thailand based on the strong 5G infrastructure it is creating in the country. Leveraging its

EricssonJul 4 00:00 ET

Ericsson Intends to Book $1.1 Billion Charge for Latest Quarter -- WSJ

By Sabela Ojea Ericsson said it expects an additional charge associated with the purchase of the company's Vonage cloud-communications subsidiary, two years after reaching the deal to expand in the U

WSJJul 3 18:17 ET

Ericsson Announces Non-cash Impairment Charge Mainly Relating to Vonage

Ericsson (NASDAQ: ERIC) today announces that, in accordance with IFRS accounting requirements, it will record a non-cash impairment charge of SEK 11.4 billion in the second quarter of 2024, primarily reflecting lower anticipated market growth rates in Vonage's current portfolio. The Net income impact after tax will be SEK 11.4 billion and reported in segment Enterprise.

Yahoo FinanceJul 3 18:02 ET