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Ericsson's profit drops

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Ericsson's profit drops

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It seems the economic downturn has finally caught up with the world’s biggest mobile phone network equipment maker Ericsson.

It announced a larger than expected 71 percent drop in third-quarter profit. Sales fell 5.6 percent as spending cuts by telecoms operators fed through. It is also facing stiff competition from Chinese rivals. The Swedish company’s shares tumbled.