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Reuters
Ericsson’s 5G march hits wall in China, stocks sink
STOCKHOLM (Reuters) – Sweden’s Ericsson, caught in the midst of a geopolitical battle between Beijing and the West, said on Friday he was no longer counting on previously anticipated contracts for 5G tenders in China, bringing down its shares by more than 8%. The telecommunications company has previously warned that its operations in China could contravene Sweden’s decision to ban Chinese equipment giant Huawei, and in the second quarter its sales there fell by SEK 2.5 billion. ($ 290 million), the first drop in three years. When asked on an analyst call if Ericsson was going to get the money back, Managing Director Borje Ekholm replied, “No, he won’t be coming back.”
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