Ericsson’s stock drops 20% after lowering outlook
Ericsson’s stock price fell about 20% yesterday to close at $4.01 per share after the equipment maker presented a gloomy outlook for 2002.
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Goldman Sachs said it was cutting its earnings forecast for Ericsson, while UBS Warburg cut its share-price target for the company.
Ericsson President and CEO Kurt Hellstrom said he expects the mobile-systems market to show flat to moderate growth for the year, although the market is becoming even more uncertain as Latin America begins to feel the effect of an economic slowdown.
--Lynnette Luna, senior editor
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© 2012 Penton Media Inc.
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