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Politics : Idea Of The Day

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To: Jerry Olson who wrote (37247)	3/15/2001 8:26:09 AM
From: IQBAL LATIF	Read Replies (2) of 50167

Ericy problems are not NOK's problems and they had them for long.. Ericsson's management misjudged the situation in its mobile phone unit last year. "We are not without responsibility," he told Dagens Industri, a Swedish financial daily. __ 'That was one of the reasons I got this job, that the mobile phone unit was going to hell' Hellstrom said Ericsson was making slow progress in the first three quarters of last year. "Then came the fire in the Philips factory. We lost seven million phones there," he said. Since Ericsson [US:ERICY] warned of a first quarter loss of 4-5 billion Swedish kronor on Monday, the stock has lost about a quarter of its value. See story. He also indicated that the problems in Ericsson's mobile phone unit existed within the company even before he was appointed. "We have never denied our responsibility when it comes to mobile phones. That was one of the reasons I got this job, that the mobile phone unit was going to hell," Hellstrom said. On Thursday, it Finnish rival Nokia [US:NOK] said margins in the first quarter would be better than expected despite lower sales growth. The statement sent the shares up 8 percent in Helsinki. Shares in Ericsson were up 4 percent at 64.50 Swedish kronor.

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