Ericsson (NASDAQ:ERIC) stock is sliding lower on Tuesday after the telecommunications company released its earnings report for the third quarter of 2023.
The reason ERIC stock is slipping today is the company’s revenue of 64.5 billion SEK (or $5.91 billion). That comes in below the roughly 66.6 billion SEK (or $6.11 billion) that Wall Street was expecting for the period. It’s also worth mentioning that revenue decreased 5% year-over-year (YOY).
Börje Ekholm, President and CEO of Ericsson, said the following about its results:
“In a challenging operating environment, Ericsson delivered third quarter results in line with our guidance. Consistent with the rest of our industry, we expect the macroeconomic uncertainty to persist into 2024, which impacts our customers’ investment ability. We are addressing these challenges with a focus on elements within our control, namely cost management and operational efficiency.”
What’s Next for ERIC Stock?
Investors in ERIC stock may continue to see red for the upcoming quarters as the company navigates a weak market. Even so, Ericsson said that it’s “convinced that the recovery will come.” This has it working to become a more profitable company in anticipation of that recovery.
ERIC stock is down 3.6% as of Tuesday morning and was down 19.9% year-to-date (YTD) as of yesterday’s close.
Investors that are looking for even more of the latest stock market stories are going to want to stick around!
We’re offering up insight into all of the hottest stock market news traders need to know about on Tuesday! A few examples include why shares of Netscout Systems (NASDAQ:NTCT) stock, Wyndham Hotels & Resorts (NYSE:WH) stock and SciSparc (NASDAQ:SPRC) stock are on the move today. All of that news is ready to go at the following links!
More Stock Market News for Tuesday
- Why Is Netscout Systems (NTCT) Stock Down 22% Today?
- Why Is Wyndham Hotels & Resorts (WH) Stock Up 13% Today?
- Why Is SciSparc (SPRC) Stock Up 105% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
