Ericsson's President and CEO, Borje Ekholm, commenting on the financial results for 2022, said that the company's network business grew in India on the back of significant market share gains. The Sweden-based telecom technology and network gear vendor bagged business from both Reliance Jio and Bharti Airtel in India for the 5G rollout. 2022 was a key year for Ericsson in the Indian market as, for the first time, it partnered with the country's largest telecom operator, Jio. Vodafone Idea is also expected to give the vendor a commercial order for 5G equipment once it sorts out its funding issues.
Ekholm said that Ericsson would enable new ways of monetising 5G by transforming how network features such as speed and latency are globally exposed, consumed and paid for. One of the major moves from Ericsson in Q4 was the divestment of its loss-making IoT (Internet-of-Things) business. Ericsson is counting on its enterprise business to be the growth engine for the company in the coming years.
"Enterprise is a growth engine for the company, and we continue to fine-tune our portfolio to maximize profitability," said Ekholm.
"From 2024 and beyond our enterprise business will be a major driver of Ericsson’s long-term growth and profitability, however, these investments will weigh on profitability during 2023," he added.