Ericsson scraps push for new clients beyond telecoms

Stockholm

ERICSSON has ditched its goal of winning more clients beyond the telecoms industry to refocus on selling networks to mobile phone companies in a move to cut costs and halt a dramatic fall in its share price.

The Swedish firm's clients in its core business include Vodafone and Verizon but profits have plunged due to competition from Nokia and China's Huawei and as telecoms companies make savings. Its shares have fallen 30 per cent in two years.