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Ericsson's Vonage Bet Backfires: Impairment Charge Hits Q2 Due to Lower Market Growth

On Wednesday, Ericsson (NASDAQ:ERIC) disclosed it would record a non-cash impairment charge of 11.4 billion Swedish krona ($1.1 billion) in the second quarter of 2024, which is in line with IFRS accounting standards. The company expects the charges due to lower expected market growth rates in Vonage’s current portfolio. Niklas Heuveldop, Head of Business Area Global Communications Platform and CEO of Vonage, said, “Given deterioration in the market environment and elective decisions we have made to refocus our investments in strategically prioritized areas, ...