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Ericsson reports second quarter 2023




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.









Net sales



3 %


3 %



8 %

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

-9 %

-5 %

Gross margin[2] 

37.4 %

42.1 %

38.6 %

38.0 %

42.2 %







-77 %

EBIT margin[2] 

-0.5 %

11.7 %

4.9 %

2.2 %

10.3 %




-93 %


-86 %



-65 %

EBITA margin[2] 

0.8 %

12.0 %

6.2 %

3.5 %

10.6 %

Net income (loss) 






-87 %

EPS diluted, SEK 






-89 %

Measures excl. restructuring charges[2]

Gross margin excluding restructuring charges 

38.3 %

42.2 %

39.8 %

39.0 %

42.2 %

EBIT excluding restructuring charges 



-62 %


-30 %



-44 %

EBIT margin excluding restructuring charges 

4.4 %

11.8 %

6.4 %

5.4 %

10.3 %

EBITA excluding restructuring charges 



-51 %


-24 %



-32 %

EBITA margin excluding restructuring charges 

5.7 %

12.0 %

7.7 %

6.7 %

10.6 %

Free cash flow before M&A 






Net cash, end of period 



-97 %


-86 %



-97 %

[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. 

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. 

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. 

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. 

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 


You find the complete report with tables in the attached PDF or on

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

To ask a question: Access dial-in information here

The webcast will be available on-demand after the event and can be viewed at


Contact person 

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

Additional contacts 

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


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]


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:

Ericsson second quarter report 2023


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Blockchain Press Releases

Institutions Have Doubled their Bitcoin Allocations this Year, New Bybit Report Shows




DUBAI, UAE, Dec. 1, 2023 /PRNewswire/ — Bybit, the world’s third-largest crypto exchange by volume, has released new research offering analysis of how traders adapt their strategies in fluctuating market conditions. “Navigating Bull and Bear Markets — A Dive Into Asset Allocation,” uses Bybit’s proprietary data and is the first initiated by a crypto exchange.

The report provides a detailed examination of asset allocation strategies employed by different cohorts — institutions, VIPs, and retail traders — especially in the volatile market environment since December 2022.

Key findings include:

  • Institutional Investors: Predominantly holding 45% in stablecoins, 35% in Bitcoin, and 15% in Ether, institutions emphasize liquidity and strategic diversification. Notably, their Bitcoin holdings nearly doubled in the first three quarters of 2023.
  • Ether Trends: A decline in institutional interest in Ether has been noted, although upcoming market developments, like the rumored BlackRock spot Ether ETF, could shift the trend.
  • Retail Trader Behavior: Retail traders are observed to hold more stablecoins, suggesting a more cautious allocation to riskier assets compared to traditional finance norms.
  • Altcoin Investments: Both retail and VIP traders show higher altcoin holdings than institutional investors, although these remain a minor part of total portfolios, indicating caution, perhaps due to a hangover from the recent bear market.

“This report is a testament to Bybit’s commitment to empowering our users with actionable insights,” said Ben Zhou, co-founder and CEO. “Understanding how different market participants navigate the complexities of bull and bear markets is crucial. We believe this research will not only enlighten our traders but also contribute to the broader crypto community’s understanding of market dynamics.”

Read the full report here.

#Bybit / #TheCryptoArk

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit:
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X (Twitter) | Youtube

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Blockchain Press Releases

Set Sail on a Crypto Voyage: Bybit Announces ByBUIDLERs Cruise Contest to Dubai in Partnership with Sea Summit




DUBAI, UAE, Dec. 1, 2023 /PRNewswire/ — Bybit, the world’s third-largest crypto exchange by volume, is excited to announce the ByBUIDLERs Cruise Contest, an extraordinary opportunity for crypto enthusiasts in India. This contest offers a chance to win a luxurious 10-day cruise from Mumbai to Dubai, coupled with an exciting Sea Summit experience and a visit to Bybit’s Dubai office.

Introducing ByBUIDLERs

ByBUIDLERs is Bybit’s initiative that combines grassroots enthusiasm with the thrilling world of cryptocurrency. Designed for crypto aficionados, the program invites participants to engage with the community, create compelling content, and contribute to Bybit’s growth and outreach.

Participation Steps

  • Enlist as a ByBUIDLER: To join, provide your name, email, and social media profile link. Express in 100 words your excitement about becoming a ByBUIDLER via our Google form.
  • Take the Bybit 5th Anniversary Personality Quiz: Complete the personality quiz and share your results on social media, highlighting how your personality influences your crypto journey.
  • Participants must post their entries before December 6th, tagging @Bybit and @TheSeaSummit, using the hashtags #ByBUIDLERcruisetrip and #High5Bybit.


The top five most creative ByBUIDLERs, judged by their engagement and creativity, will embark on the Sea Summit 10-day luxury cruise, setting sail from Mumbai to Dubai. The cruise is also a crypto summit where winners will meet leaders in crypto, participate in educational events, and attend themed party nights.

#Bybit / #TheCryptoArk

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For media inquiries, please contact: [email protected]

For more information please visit:

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X (Twitter) | Youtube

Bybit Logo

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Blockchain Press Releases

Bitget Wallet Integrates TON Mainnet, Prepares for TON and Telegram-Based Innovative Products




Bitget Wallet Integrates TON Mainnet, Prepares for TON and Telegram-Based Innovative Products

VICTORIA, Seychelles, Nov. 30, 2023 /PRNewswire/ — The leading Web3 trading wallet, Bitget Wallet (formerly known as BitKeep Wallet), now supports TON (The Open Network). TON, a high-performance Layer 1 blockchain, was initially designed by the Telegram team and later advanced by the community.

The TON integration allows users to add the TON network with a single click, manage assets, and perform on-chain transactions. Looking ahead, Bitget Wallet plans to further expand its services to include support for TON ecosystem DApps, token trading, and candlestick chart features. Additionally, Bitget Wallet is set to launch innovative products and services based on TON and Telegram, such as the Telegram Red Packet feature.

TON, with its Telegram-originated blockchain solution, is designed for high scalability, targeting millions of transactions per second (TPS) to serve Telegram’s extensive user base. This performance capability positions TON as a pivotal player in the evolving digital landscape. By building a Web3 ecosystem within Telegram, TON is committed to bridging Web2 and Web3, promoting the widespread adoption of cryptocurrencies and decentralized technologies.

Bitget Wallet’s support for TON reflects a recognition of its innovation and anticipation of Telegram’s user base venturing into Web3. This aligns with Bitget Wallet’s ongoing commitment to providing convenient, user-friendly product experiences and opening the doors to Web3 for its users.

To date, Bitget Wallet has served over 12 million users worldwide, becoming one of the most popular crypto hot wallets globally, with its app ranking fourth in global downloads in October. The integration with the TON mainnet is also expected to enhance the liquidity and user base of the TON network.

About Bitget Wallet (Web3 trading wallet)

Formerly known as BitKeep, Bitget Wallet stands as Asia’s largest and global frontrunner among all-in-one Web3 trading wallets. We offer a comprehensive range of on-chain products and DeFi services to our users, including wallet functionality, Swap feature, NFT trading, DApp browsing, MPC Wallet and more.

With a 5-year legacy, Bitget Wallet has garnered acclaim from over 12 million users worldwide and has secured partnerships with prominent industry leaders including Ethereum, BNB Chain, Arbitrum, Polygon, Solana, Base, and others. This success stems from our commitment to consistently delivering secure and convenient products and services.

In March 2023, Bitget, a leading crypto derivatives trading platform made a substantial $30 million investment in BitKeep, acquiring a controlling stake. Following this strategic move, BitKeep underwent a transformative and strategic brand evolution in August, officially rebranding itself as Bitget Wallet.

For more information, visit: Website | Twitter | Telegram | Discord

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