Stockholm: Swedish telecoms equipment maker Ericsson said it would write down 14.2 billion kronor ($1.8 billion) in assets as the troubled company struggles to compete in a rapidly changing sector.
The write-downs, which will be booked in the fourth quarter of 2017 and which were expected, originate mainly from goodwill from “investments made 10 years ago or more, and has limited relevance for Ericsson’s business going forward,” the company said in a statement.
The depreciation has no impact on cash flow, it said. The two business areas mainly responsible for the write-downs are Ericsson’s digital services unit and media business. — dpa
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