Ericsson's profit warning tanks share price

Ericsson issued an unexpected profit warning today that sent the telecom vendor's share price (and a few of its rivals') tumbling nearly 30 percent. Ericsson cut its guidance for Q3 citing a fall in sales for its mobile network upgrades. The company expects the slump to continue into 2008. Sales for Q3 were about $6.7 billion, well below the expected $7.9 billion. Operating income fell to $866.1 million, a huge 38 percent drop from the expected $1.4 billion.

For more on Ericsson's Q3:
- read this article from the WSJ (sub. req.)

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