Ericsson (ADR) (NASDAQ: ERIC) said its president and CEO, Hans Vestberg, summarized its networked society tactics and reviewed the financial performance of the last year during its AGM. According to the company, he termed the current path as a transformation journey.
Ericsson's Vestberg explained, "broadband, mobility and cloud are reshaping value chains, digitalizing business models and creating new possibilities in every industry." He said the company's tactics aim to secure its relevance as this transformation accelerated.
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The company's CEO said, "Just like our industry and our customers, Ericsson is on a transformation journey. Our Networked Society strategy requires us to excel in our core business and establish a leadership position in targeted areas." He added, "By executing on this strategy, we will continue to lead our industry and create new opportunities for growth."
Ericsson said it was leading the way towards 5G with 21 customer contracts with test-bed leadership and industry and academia research cooperation. The company claimed that 20 million people were directly impacted by its technology for good initiatives.
On Wednesday, shares of the company traded up by 2.27 percent.
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