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Ericsson warns of recession effects

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Ericsson warns of recession effects

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Ericsson, the world’s biggest supplier of mobile phone network equipment, has said the economic downturn is now starting to effect its market with mobile phone operators slashing spending.

That statement sent its share lower despite a sharp rise in second-quarter profit. Up till now the company had been largely unscathed by the economic woes, sheltered by robust sales in China and strength in its services business.