ericz - ERICZ STOCK NEWS

Ericsson (NASDAQ: ERIC) has won a securities litigation case as the U.S. District Court dismissed the claims brought by certain shareholders. The court ruled that Ericsson did not mislead investors and did not violate any disclosure obligation. The decision is subject to appeal. Additionally, Nasdaq Stockholm has closed its review into Ericsson's public disclosure regarding the 2019 Iraq report, stating that the report did not contain information that a reasonable investor would have used for investment decisions.

Nasdaq Stockholm dismisses Ericsson's Iraq internal investigation report as not affecting investment decision

Ericsson expands its treasury stock to provide shares for Long-Term Variable Compensation Programs. The company will acquire all 10 million C shares from Investor AB for approximately SEK 5 per share. Once acquired, the C shares will be converted to B shares.

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.

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 (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.