Why Ericsson Stock Is Tanking Today
Shares of Ericsson (NASDAQ: ERIC) are tanking on Friday, down by 10% as of 11:40 a.m. EDT, after the company reported second-quarter earnings. The results came in below expectations, due in part to weakness in China. Revenue in the second quarter came in at 54.9 billion Swedish kronor ($632.7 million), which missed the consensus estimate of 57.6 billion SEK.