STOCKHOLM (AP) -- Swedish mobile networks company Ericsson says "negative industry trends have further accelerated," contributing to a third-quarter loss for the company of 233 million kroner ($26.3 million).
The loss compared with a net profit of 3.08 billion kronor during the same three-month period last year.
The group said Friday that revenue dropped 14 percent to 51.1 billion kronor ($5.8 billion) from 59.2 billion kronor amid fierce Asian competition and a slowing telecom equipment market. It added the industry trends indicate to "a somewhat weaker than normal seasonal sales growth between the third and fourth quarters."
In July, Hans Vestberg was ousted as CEO as the company struggles to improve earnings amid tightening competition. His successor, Jan Frykhammar, said the decline "was particularly strong in markets with a weak macro-economic environment."