Ericsson released the company’s financial performance report. Its share of sales in the Indian market doubled in the first half of 2021 to 4%.
Swedish telecommunications equipment maker Ericsson released the company’s financial performance report. Its share of sales in the Indian market doubled in the first half of 2021 to 4%. This makes the country the third largest source of income in the group. Moreover, in January 2020, India contributed 2% of Ericsson’s global sales.
The United States is Ericsson’s largest market, accounting for 34% of global net sales, followed by Japan with 5%. China was Ericsson’s second largest market last year. They account for 9% of total sales, and has now fallen to fifth place with 3%.
In the second quarter ending June 30, 2021, Ericsson’s net sales in Southeast Asia, Oceania and India increased by 8% to SEK 7.1 billion, mainly driven by India’s 4G investment .
Net sales of the same period last year were SEK 6.6 billion.
Moreover, Ericsson stated that the region’s growth rate was 14% in adjusted currency.
“FX-adjusted sales increased 14% YoY. The YoY increase in network sales was primarily driven by continued investment in LTE (4G). This was primarily in India, as well as the project milestone schedule in Southeast Asia, “Ericsson said in the financial performance report.
The company’s global net sales for the reporting quarter fell. This accounted a fall from 55.6 billion SEK in the second quarter of 2020 to 54.9 billion SEK.
Ericsson stated that its global organic sales increased by 8%.
The company faced strong opposition for banning the use of 5G by Chinese suppliers in Sweden. Moreover, their sales in China fell by SEK 2.5 billion.
In a statement, Ericsson President and CEO Borje Ekholm expressed their views. “We have the ability to leverage our competitive 5G product portfolio and cost structure. This helps us to take advantage of continued market momentum.”