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Ericsson reports second quarter 2023

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STOCKHOLM, July 14, 2023 /PRNewswire/ —

Second quarter highlights – In line with expectations 

  • Group organic sales[1] declined by -9% YoY. Segment Networks sales[1] declined by -13%, while segment Enterprise sales[1] grew by 20%. Reported sales was SEK 64.4 (62.5) b
  • The sharp decline in sales in North America was partly offset by strong sales development in India. 
  • Gross income excluding restructuring charges decreased to SEK 24.7 (26.3) b. as a result of lower sales and margins in Networks. Gross income increased in Enterprise, mainly driven by the consolidation of Vonage. Reported gross income was SEK 24.1 (26.3) b
  • Gross margin excluding restructuring charges was 38.3% (42.2%) primarily impacted by changed business mix in Networks. Reported gross margin was 37.4% (42.1%). 
  • EBITA excluding restructuring charges amounted to SEK 3.7 (7.5) b. with an EBITA margin of 5.7% (12.0%). Reported EBITA was SEK 0.5 (7.5) b. with restructuring charges amounting to SEK -3.1 (0.0) b
  • Net loss was SEK -0.6 (4.7) b. primarily due to restructuring charges. EPS diluted was SEK -0.21 (1.35). 
  • Free cash flow before M&A was SEK -5.0 (4.4) b., impacted by lower EBIT, payment to U.S. Department of Justice (DOJ) and increased working capital. Net cash on June 30, 2023, was SEK 1.9 b. compared with SEK 13.6 b. on March 31, 2023. 

SEK b.

Q2
2023

Q2
2022

YoY
change

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Q1
2023

QoQ
change

Jan-Jun
2023

Jan-Jun
2022

YoY
change

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Net sales

64.4

62.5

3 %

62.6

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3 %

127.0

117.5

8 %

 Sales growth adj. for comparable units and currency[2] 

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-9 %

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-5 %

Gross margin[2] 

37.4 %

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42.1 %

38.6 %

38.0 %

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42.2 %

EBIT 

-0.3

7.3

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3.0

2.7

12.1

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-77 %

EBIT margin[2] 

-0.5 %

11.7 %

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4.9 %

2.2 %

10.3 %

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EBITA[2] 

0.5

7.5

-93 %

3.8

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-86 %

4.4

12.4

-65 %

EBITA margin[2] 

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0.8 %

12.0 %

6.2 %

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3.5 %

10.6 %

Net income (loss) 

-0.6

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4.7

1.6

1.0

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7.6

-87 %

EPS diluted, SEK 

-0.21

1.35

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0.45

0.25

2.23

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-89 %

Measures excl. restructuring charges[2]

Gross margin excluding restructuring charges 

38.3 %

42.2 %

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39.8 %

39.0 %

42.2 %

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EBIT excluding restructuring charges 

2.8

7.4

-62 %

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4.0

-30 %

6.8

12.1

-44 %

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EBIT margin excluding restructuring charges 

4.4 %

11.8 %

6.4 %

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5.4 %

10.3 %

EBITA excluding restructuring charges 

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3.7

7.5

-51 %

4.8

-24 %

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8.5

12.5

-32 %

EBITA margin excluding restructuring charges 

5.7 %

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12.0 %

7.7 %

6.7 %

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10.6 %

Free cash flow before M&A 

-5.0

4.4

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-8.0

-13.0

2.8

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Net cash, end of period 

1.9

70.3

-97 %

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13.6

-86 %

1.9

70.3

-97 %

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[1] Sales adjusted for comparable units and currency 
[2] Non-IFRS financial measures are reconciled at the end of this report to the most directly comparable IFRS measures. 

Comments from Börje Ekholm, President and CEO of Ericsson (NASDAQ:ERIC) 

Building on our strong position and despite challenging market conditions we delivered a solid quarter – meeting expectations. We continue to execute with discipline and focus without losing sight of the long term. We are leveraging our 5G technology, growing our enterprise business and driving our cultural transformation to accelerate our growth trajectory and shape the communications industry landscape. 

Q2 in line with our expectations  

Performance in Q2 was in line with our expectations, despite the uncertain macro backdrop and significant changes in market mix. This is a testament to our strategy, the excellence of our portfolio, and our ability to adapt and execute. 

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Group organic sales declined by -9%, as a Networks decline of -13% was partly mitigated by a 20% organic growth in Enterprise. Group EBITA excluding restructuring charges was SEK 3.7 (7.5) b. or 5.7% (12.0%) of sales. 

In Networks, we saw strong execution with record build-out speed in India, where we now have a leading market share. Sales growth in India partly offset the expected softening we saw in other markets, notably in North America, where build-out pace moderated and customer inventory levels were reduced. Despite the business mix change and several large rollout contracts, Networks had a gross margin[2] of over 39%. 

In Cloud Software and Services, we continue to execute on the turnaround, including exiting subscale business and improving delivery efficiency. We are on track to deliver an EBITA[2] of at least break-even for the full year 2023. 

In Enterprise we saw continued strong growth in Enterprise Wireless Solutions, and we recorded positive EBITA in the Global Communications Platform business. 

We landed another important 5G licensing agreement with a device vendor, further validating our IPR portfolio strength, positioning us well for continued IPR growth as we license vendors previously unlicensed for 5G. 

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We are well on track to reduce our annual run rate by at least SEK 11 b. by year-end, which will positively impact the P&L over the coming quarters with full effect during 2024. 

Free cash flow before M&A was SEK -5.0 (4.4) b. primarily driven by lower EBIT[2] and increased working capital including the payment to the US Department of Justice. We expect an improvement in cash flow during the second part of the year and gradually move towards our long-term target of 9-12% of Net sales. 

Driving execution of our strategy  

Ericsson is shaping the industry landscape by leveraging the full value of 5G and creating the world’s most powerful innovation platform. We remain focused on three priorities: i) bolstering our leadership in mobile networks; ii) growing our enterprise business; and iii) driving our cultural transformation. 

Leadership in mobile networks is the cornerstone of our success. Our competitive advantage is clear – we deliver leading performance, energy efficiency and cost optimization. Our radios carry about half of the world’s 5G traffic outside China. 

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Building on this position and our market leading technologies, we are expanding into the fast-growing enterprise segment, substantially increasing our addressable market and diversifying our portfolio. 5G offers advanced capabilities such as Quality of Service, speed, latency, and location, and our platform allows these capabilities to be monetized in new ways by exposing them through network APIs. Operators and enterprises are showing great interest, as our platform will enable operators to offer differentiated performance levels and allow developers to integrate these capabilities into both existing and innovative new use cases. 

We continue our relentless focus on enhancing our ethics and compliance program. Our compliance program and controls have been significantly enhanced since 2019 and our monitorship is entering its final year. We conduct testing to ensure our compliance program is effective and fully embedded across the company. 

Looking ahead  

For Q3 we expect similar market mix and trends as in Q2. In addition, Q3 will benefit from an early impact of our strong focus on cost-out execution. Overall, we thus expect Q3 EBITA margin[2] to be in line with or slightly higher than Q2, followed by a seasonally stronger Q4. 

As we look ahead, a fundamental driver of network capex is the continued rapid data traffic growth. Average smartphone usage is expected to exceed 20 GB/month in 2023 with strong growth. 240 operators have launched 5G, bringing new revenue growth with pricing model innovation. We forecast 5G subscriptions to top 1.5 billion by end-2023 and reach 4.6 billion by 2028. Fixed Wireless Access (FWA) also grows quickly, driving further traffic growth. 

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Traffic growth and operators’ desire to meet expectations for network quality with cost and energy efficiency, will stimulate investments. We estimate 75% of all base station sites outside China are not yet updated with 5G mid-band, and migration to 5G standalone will continue in order to deliver on 5G’s full potential. 

We are confident that the market will recover as a consequence of these fa4ctors, and Ericsson is well positioned to benefit from increased investments. The exact timing of these increased network investments is, of course, in the hands of our customers, but we expect that the market will see a gradual recovery in late 2023 and improve in 2024. 

Our technology leadership, solid performance and growth potential, position us well for the future. We are navigating the current environment with discipline and focus, and we tackle areas within our control. We execute on the Cloud Software and Services turnaround, portfolio adjustments, enhanced R&D productivity, IPR growth and cost reductions. Based on the expected recovery of the mobile networks market towards the end of the year, we remain focused on reaching the lower end of the 15-18% EBITA margin[2] long-term target range in 2024. 

Börje Ekholm  
President and CEO 

[1] Sales adjusted for comparable units and currency 
[2] Excluding restructuring charges 

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NOTES TO EDITORS 

You find the complete report with tables in the attached PDF or on www.ericsson.com/investors

Video webcast for analysts, investors and journalists 

President and CEO Börje Ekholm and CFO Carl Mellander will comment on the report and take questions at a video webcast at 9:00 AM CEST (8:00 AM BST London, 3:00 AM EDT New York). 

Join the webcast or please go to www.ericsson.com/investors

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To ask a question: Access dial-in information here

The webcast will be available on-demand after the event and can be viewed at www.ericsson.com/investors

FOR FURTHER INFORMATION, PLEASE CONTACT 

Contact person 

Peter Nyquist, Head of Investor Relations 
Phone: +46 705 75 29 06 
E-mail: [email protected]

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Additional contacts 

Stella Medlicott, Senior Vice President, Marketing and Corporate Relations 
Phone: +46 730 95 65 39 
E-mail: [email protected]

Investors 

Lena Häggblom, Director, Investor Relations 
Phone: +46 72 593 27 78 
E-mail:  [email protected]

Alan Ganson, Director, Investor Relations 
Phone: +46 70 267 27 30 
E-mail: [email protected]

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Media 

Ralf Bagner, Head of Media Relations 
Phone: +46 76 128 47 89 
E-mail: [email protected]

Media relations  
Phone: +46 10 719 69 92 
E-mail: [email protected]

This is information that Telefonaktiebolaget LM Ericsson is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on July 14, 2023. 

The following files are available for download:

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https://mb.cision.com/Main/15448/3804998/2189195.pdf

Ericsson second quarter report 2023

 

View original content:https://www.prnewswire.co.uk/news-releases/ericsson-reports-second-quarter-2023-301877316.html

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Blockchain Press Releases

Modern Lion and Hyundai Card Partner with NEAR Protocol to Revolutionize Concert Culture with Web3 Integration

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  • ‘Modern Lion’ Set to Launch KONKRIT and Ticketing Services on NEAR Protocol
  • Accelerating Collaboration in the Korean and Global Markets by Integrating Web3 Technology into Concert Culture
  • Co-hosting the Closing Party of Web3 Global Conference REDACTED 2024

SEOUL, South Korea, Nov. 7, 2024 /PRNewswire/ — Modern Lion and Hyundai Card have joined NEAR Protocol, a global Layer 1 blockchain platform forming a strategic partnership to advance Web3 integration in the concert culture.

Through its NFT platform KONKRIT, Modern Lion addresses ticket scalping—a priority identified by Hyundai Card—by providing a secure, NFT-based ticketing solution. This partnership will expand Modern Lion’s NFT-based ticketing solution on NEAR Protocol, improving security and transparency in ticketing.

Modern Lion has been promoting a healthier concert and show culture through NFT ticketing, successfully preventing scalping at events such as the ‘Hyundai Card Curated 92: Jang BEOM-JUNE’ concert and the immersive cultural experience ‘DaVinci MOTELl’ at Itaewon area, Seoul. With NEAR Protocol’s speed, security, and scalability, Modern Lion is ready to make significant strides in the global market.

The collaboration will focus on supporting Hyundai Card’s event ticketing through NFTs, activating the NFT marketplace, and advancing NFT projects on KONKRIT. Additionally, the partnership will include co-hosting events, joint marketing initiatives, and building brand recognition while strengthening industry networks.

Duhee Lee, CEO of Modern Lion, stated, “This partnership marks a significant step in revolutionizing concert and show culture, blending convenience and security through NFTs and blockchain. By offering NFT tickets and membership services, we will enhance audience experiences and foster transparency in the entertainment industry.” He added, “We aim to grow with the NEAR ecosystem and become a globally recognized blockchain company.”

Illia Polosukhin, CEO of the NEAR Foundation, highlighted, “Korea is one of the centers for real world adoption of blockchain technology and we are excited that NEAR will partner with Hyundai Card and Modern Lion to provide scalable infrastructure and chain abstracted user experiences.”

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Modern Lion will also co-host the closing party for the Web3 global conference REDACTED 2024. CEO Duhee Lee will present alongside leading figures from Dragonfly Capital, Pantera Capital, and Edward Snowden, further cementing Modern Lion’s role in the global Web3 arena.

Press Contacts:

Luis Shin / Manager
NEAR Korea
[email protected] 

About the NEAR Protocol 

NEAR is a highly performant, scalable layer one  blockchain and ecosystem with tens of millions of monthly active users leading Web3 in consumer app adoption, Chain Abstraction, and User-Owned AI.

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For more information, please visit: https://near.org 

About NEAR Korea

NEAR Korea manages the business development for NEAR Protocol in Korea and Asia. Its activities include supporting NEAR Protocol projects, fostering developer communities, and driving marketing and branding efforts.

For more information, please visit: https://nearkorea.org/

About Modern Lion

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Modern Lion is a blockchain-focused company founded in June 2022. It aims to make blockchain accessible through its NFT marketplace, KONKRIT, which focuses on practical applications like NFT tickets and memberships. By lowering barriers to blockchain adoption, Modern Lion positions itself as an innovative leader in integrating blockchain technology into everyday life.

For more information, please visit: https://modernlion.io/

Photo – https://mma.prnewswire.com/media/2550992/Hyundai_Card_x_NEAR_Protocol_x_Modern_Lion.jpg 

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Blockchain

Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December

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The Bitcoin Conference has announced Eric Trump as a keynote speaker at its upcoming Bitcoin MENA event, to be held from December 9-10, 2024, at ADNEC Centre in Abu Dhabi. Eric Trump’s participation signals a significant milestone for Bitcoin MENA 2024 bringing a wealth of business acumen and leadership experience to the growing bitcoin adoption in the Middle East. 
Following Donald J. Trump’s appearance at Bitcoin 2024 in Nashville this July, The Trump family has shown increasing support for Bitcoin as a way to combat inflation in the U.S..
Eric Trump’s involvement underscores the conference’s growing influence and highlights Abu Dhabi’s emerging role as a central hub in the global Bitcoin economy. As a prominent figure in both business and politics, his insights are expected to resonate with the conference’s focus on Bitcoin’s role in shaping the future of finance in the region, and draw considerable attention from global media and influential business leaders. 
Other notable personalities confirmed to attend the Abu Dhabi edition include Prince Filip of Serbia, Saifedean Ammous, author of The Bitcoin Standard, and Abdulla Al Dhaheri, of the Blockchain Centre Abu Dhabi. This announcement is another step to further solidifying Abu Dhabi’s status as a leading player in the “New Gold Rush” for digital finance. 
With a wealth of energy resources, substantial financial reserves, and a forward-thinking approach to innovation, the UAE is strategically positioned to lead the next phase of global Bitcoin adoption. The UAE’s recent move to introduce zero VAT on Bitcoin gains, is one among many progressive rulings to position the region as a prime destination for Bitcoin innovators, investors, and businesses. With top global and regional voices set to ignite the Bitcoin community with breaking announcements, Bitcoin MENA will offer attendees unparalleled opportunities to network with industry leaders and explore technologies and innovations from across the Bitcoin ecosystem. From exclusive VIP experiences to dynamic expo halls, the event is set to be a defining moment for Bitcoin adoption in the Middle East.

The post Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December appeared first on HIPTHER Alerts.

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Blockchain Press Releases

KuCoin’s GemPool Welcomes PiggyPiggyCoin – Stake, Play and Earn

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VICTORIA, Seychelles, Nov. 6, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is thrilled to announce its new addition to GemPool – PiggyPiggyCoin (PGC), the pioneering workplace simulation and social game token on Telegram & TON.

KuCoin’s GemPool is a unique platform that facilitates early access to promising crypto projects by enabling users to stake tokens for farming new project tokens. This innovative approach allows users to leverage their existing crypto holdings to earn rewards, enhancing their engagement with the evolving crypto market. The platform supports a variety of tokens, offering flexible staking options without lock-up periods, which ensures that users can adapt their strategies in response to market conditions. Check the GemPool tutorial here.

PiggyPiggyCoin introduces an engaging game environment where players can employ magical cards to influence gameplay, enhancing interactive dynamics within the blockchain space. The native token $PGC will be fully unlocked at TGE, offering transparent and immediate utility for users.

Beginning November 6, 2024, KuCoin’s GemPool will open for users to stake USDT, KCS, and PGC, allowing them to farm PGC tokens. This strategic initiative not only promotes the new token but also illustrates the unique opportunities that GemPool offers to users wanting early access to exciting new tokens.

Following its presence on GemPool, the PGC listing is scheduled for November 12, 2024, at 12:00 UTC, with trading and withdrawals available shortly after. In addition to regular staking rewards, participants in the GemPool campaign can earn up to a 20% bonus depending on their VIP status and performance in various interactive quizzes and engagements. This is part of KuCoin’s effort to enhance user engagement and reward participation.

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Since its debut in August, KuCoin GemPool has launched 14 campaigns, with over 119,000 participants engaging, and over $863,000 asset locked. KuCoin GemPool is excited about this new addition and the potential it brings to the community. By fostering a robust and secure trading platform, KuCoin aims to continue being at the forefront of providing innovative solutions that cater to its diverse user base, enhancing both user experience and market growth.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement, KuCoin offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

Logo – https://mma.prnewswire.com/media/2356857/KuCoin_Horizontal_Green_LOGO_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/kucoins-gempool-welcomes-piggypiggycoin—stake-play-and-earn-302297486.html

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