Ericsson: So far, no material impact from COVID-19

So far, Ericsson has not seen a material impact to its business from the COVID-19 pandemic, according to company CEO Börje Ekholm.

Speaking to Ericsson shareholders via webcast ahead of the Annual General meeting,  Ekholm stated “Last year we talked about switching on 5G globally. Today, we can say that we have succeeded. The world’s first 5G network was launched with Ericsson’s technology and the same was true for the first network in Europe.”

He continues: “Right now we have 86 commercial 5G agreements and 27 live networks in 4 continents. Ericsson is leading the 5G development. I see no one in front of us.”

Some additional key points:

• Ericsson believes the 5G market is growing faster than most analysts have expected and that the company is well positioned to capture this growth.
• Ericsson’s financial position is strong, with a robust balance sheet with net cash of SEK 34 billion at the end of last year. 

https://www.ericsson.com/en/about-us/corporate-governance/shareholder-meetings/annual-general-meeting-2020