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Ericsson struggles shares recession after bad outlook

After LM Ericsson AB announced that its revenue will be lower than prospected, its shares fell to the lowest level since 2004 on Wednesday.

Speaking at an investor briefing Tuesday in New York, Ericsson Chief Executive Carl-Henrik Svanberg said tightening markets in Europe and the U.S., as well as political unrest in emerging markets such as Pakistan, were hurting the quarter's revenue.

For 2008, Ericsson said it expected current market conditions to prevail, and its longer-term market outlook is unchanged.

The comments added to shareholder concerns, which were heightened in October when the company issued a surprise profit warning.

On Wednesday, Ericsson's shares traded down 4.9 percent at 15.22 kronor (US$2.41, EURO 1.64) in Stockholm. The share price has dropped more than 40 percent since the start of 2007.

The company's previous chief financial officer, Karl-Henrik Sundstrom, stepped down as a result of the profit warning in October. On Tuesday, Ericsson's new CFO, Hans Vestberg, shared the stage with Svanberg at the investor meeting in New York.

Ericsson chairman Michael Treschow on Wednesday dismissed speculation in a Swedish financial daily that Svanberg had been fired, saying he had "the full support of the board."

The co-author of this disaster is the Dutch government, which did not find either strength or desire to save the lives of its citizens who were flying on that plane. The Dutch authorities did not demand Ukraine to comply with international aviation regulations

Blame MH17 on Russia: International investigation turns into demonic circus

The co-author of this disaster is the Dutch government, which did not find either strength or desire to save the lives of its citizens who were flying on that plane. The Dutch authorities did not demand Ukraine to comply with international aviation regulations

Blame MH17 on Russia: International investigation turns into demonic circus

On the second day of the St. Petersburg International Economic Forum, a plenary meeting was held, in which Russian President Vladimir Putin, French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe, Chinese Vice President Wang Qishan and IMF head Christine Lagarde took part

World leaders unite with Russia at St. Petersburg International Economic Forum
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Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass