STOCKHOLM (Reuters) – Sweden’s Ericsson, under fire over its handling of a bribery investigation in Iraq, on Thursday reported a fall in first-quarter core earnings, hurt by a delay in recording a large software contract and a provision related to suspension of business in Russia.
The company’s quarterly adjusted operating earnings fell to 4.7 billion Swedish crowns ($497.16 million) from 5.3 billion a year ago.
The mean forecast of 6.63 billion does not reflect 0.9 billion crowns of provision announced earlier this week related to Russia, according to Refinitiv data.
(Reporting by Supantha Mukherjee in Stockholm, Editing by Helena Soderpalm)