Telefonaktiebolaget LM Ericsson - ERIC STOCK NEWS

On April 20, 2023, Ericsson announced the appointment of its Nomination Committee for the Annual General Meeting 2024. The committee includes key figures: Johan Forssell from Investor AB, Karl Åberg from AB Industrivärden, Anders Oscarsson from AMF Tjänstepension & AMF Fonder, Christer Gardell from Cevian Capital Partners Limited, and Jan Carlson, the Chair of the Board. Forssell will lead the committee. Shareholders are invited to submit proposals to the Nomination Committee in time for consideration at the upcoming Annual General Meeting. All correspondence should be directed to Ericsson's Board of Directors Secretariat in Stockholm.

Ericsson addresses the phenomenon of quiet quitting in the workplace, reflecting on leadership dynamics and employee expectations. The blog emphasizes the need for organizations to create work environments where employees resonate with the organization’s purpose and culture. By revisiting leadership lessons from historical figures like Jack Welch and Napoleon Bonaparte, the content highlights seven essential leadership capabilities: setting direction, managing change, forming teams, developing people, learning, and making decisions. The significance of authenticity in leadership is underscored, indicating that today's leaders must cultivate meaningful connections with their teams. The discourse concludes with an assertion that the evolving landscape of work is an opportunity for leaders to foster purpose-driven environments amidst the backdrop of quiet quitting.

On April 18, 2023, Ericsson reported its Q1 2023 results, highlighting a stable organic sales performance with a slight decline in Networks segment sales by 2% due to reduced operator capex. Total reported sales rose to SEK 62.6 billion, up from SEK 55.1 billion YoY. Gross income, excluding restructuring charges, increased to SEK 24.9 billion, while reported gross margin fell to 38.6% from 42.3%. EBITA, excluding restructuring, was SEK 4.8 billion, down 4% YoY. Net income dropped to SEK 1.6 billion, with EPS diluted falling to SEK 0.45. The company reported negative free cash flow of SEK -8.0 billion due to working capital changes. Looking ahead, Ericsson expects a gradual recovery in the second half of 2023, driven by large 5G roll-out projects.

Ericsson (NASDAQ: ERIC) announced that Chief Financial Officer Carl Mellander will resign at the end of Q1 2024 after nearly 25 years with the company, including seven years in his current role. The decision comes as part of a mutual agreement, signaling the completion of Ericsson's turnaround strategy. CEO Börje Ekholm praised Mellander for his contributions to restoring the company's financial health and technology leadership. A recruitment process for a new CFO will commence shortly. Mellander expressed pride in his tenure and confidence in Ericsson's future as it expands its market position.

Ericsson is partnering with the Government of Canada to invest over CAD 470 million in R&D centers in Ottawa and Montreal. This initiative aims to create and upskill hundreds of jobs over the next five years, focusing on advanced research in 5G, 6G, Cloud RAN, and quantum computing. The investment will enhance Canada’s position in global communications technology and support local tech talent. Prime Minister Justin Trudeau highlighted the initiative as a means to ensure reliable wireless networks and to bolster Canada's technological leadership. Additionally, Ericsson plans to onboard 300 interns during the investment period, fostering academic partnerships within the R&D sectors.

Ericsson has released its latest Diversity & Inclusion News Round Up, discussing key topics such as workplace flexibility, psychological safety, and ethnic profiling in the Netherlands. The Future Forum survey reveals that mental and physical exhaustion among employees is at its highest. It emphasizes the need for flexibility to enhance workplace well-being. A significant development includes a Dutch court ruling that prohibits ethnic profiling by military police, marking a crucial step against discrimination. Additionally, initiatives like CODE Along, a free educational series for young girls in STEM, aim to improve representation in these fields. The involvement of organizations like Black Girls CODE highlights the need for increased support for women and girls of color in STEM.

Erik Ekudden, CTO of Ericsson, and Christian Levin, CEO of Scania, discussed the future of sustainable transport, emphasizing the role of electrification and advanced connectivity. Key insights from their conversation highlight that transport emissions, primarily from long-haul transport, necessitate significant policy and industry-wide transformation. Both companies aim to reduce carbon footprints, with Scania committed to decarbonizing its supply chain by 2030, while Ericsson targets a 50% emission cut by 2030. They emphasized the importance of digitalization, data utilization, public policy alignment, and cross-industry partnerships in achieving emissions-free heavy transport.

Ericsson (NASDAQ: ERIC) will publish its financial report for Q1 2023 on April 18, 2023, at 7:00 AM CEST. A live video webcast featuring President and CEO Börje Ekholm and CFO Carl Mellander will take place at 9:00 AM CEST to discuss the report and answer questions. The complete financial report will be available in PDF format on Ericsson's website immediately following the press release. Investors and analysts can join the webcast or access it on-demand later. This upcoming report is highly anticipated as it will provide insights into Ericsson's performance in the current financial landscape.

Ericsson held its Annual General Meeting (AGM) on March 29, 2023, in Stockholm, where key resolutions were made. The Profit and Loss Statements and Balance Sheets for 2022 were adopted, and a proposed dividend of SEK 2.70 per share was approved, to be paid in two installments. New board members were elected, including Jan Carlson as Chair. The AGM also approved two Long-Term Variable Compensation Programs, allocating a maximum of 4.1 million B-shares for executives and 5.9 million B-shares for other employees. Financial oversight will continue with Deloitte AB as auditor until the next AGM.