Europe

Ericsson falls to $180 million Q4 loss in weak market

Swedish mobile networks company Ericsson has reported a fourth-quarter net loss of 1.6 billion kronor ($181 million), mainly due to a downturn in broadband investments and licensing revenues.

The loss compared with a net profit of 7 billion kronor in the same period in 2015. Net sales fell to 65 billion kronor from 73.6 billion kronor a year earlier.

CEO Borje Ekholm acknowledged Thursday that "negative trends" plagued the industry and the company said it would continue to work on efficiency and effectiveness.

The Stockholm-based company said it was "tracking toward target" on a savings goal of 9 billion kronor this year.

Ericsson's share price was up more than 2 percent at 53.05 kronor in early afternoon trading in Stockholm.