India’s share of sales for the company for the quarter ended December 2022 was 6%, second only to the United States (41%). India beat China and Japan to take the second spot. For the year ended December 2022, India shared the second spot with China and Japan at 4% share.
In 2021, India was joint fourth in terms of contribution to sales by country with the United Kingdom (3%) while Japan enjoyed the second spot (6%) followed by China at number 3 (4%). The widened its contribution from 34% in 2021 to 40% in 2022, retaining the top spot.
Börje Ekholm, president and chief executive, Ericsson said, “Our Networks business grew in India on the back of significant market share gains.”
Ericsson reported 3% year on year growth in organic sales at SEK (Swedish Krona) 271.5 billion (USD 26.31 billion) driven by a 4% increase in the networks segment and 16% growth in its enterprise segment, it said in a media statement.
Net income for the year was down 17% at SEK 19.1 billion (USD 1.85 billion) as compared to SEK 23 billion (USD 2.23 billion) in 2021.
“The growth from (market) share gains in several markets could not fully compensate for reduced operator capex and inventory reductions in other markets, including North America,” Ekholm added.
