Sweden’s Ericsson inks $8.3 billion 5G deal with Verizon

Swedish telecommunications group Ericsson unveiled Friday a contract worth $8.3 billion to provide US operator Verizon with equipment for its 5G network, its biggest single contract ever.

Ericsson also said that its second quarter net profit had jumped by 51 percent, but noted a sharp decline in sales in China after rival Huawei was barred from selling its equipment in Sweden.

“It is prudent to forecast a materially lower market share in Mainland China for Networks and Digital Services as the earlier decision to exclude Chinese vendors from the Swedish 5G networks might influence market share awards,” Ericsson chief executive Borje Ekholm was quoted as saying.