STOCKHOLM, Oct 17 (Reuters) – Ericsson (ERICb.ST) on Tuesday said it expected the uncertainty impacting its mobile Networks Business to persist into 2024, after reporting a fall in third-quarter revenue as demand for 5G equipment fell in North America.

The company, which pre-announced its results last week and took a $2.9 billion impairment charge over its Vonage acquisition, said it expects current quarter results to be similar to the third quarter.

Networks organic sales in North America were down by 60% from last year as telecom customers adjusted their inventory and were slower to roll out new equipment. North America now accounts for 23% of Ericsson’s sales compared with 48% earlier.

“While near-term dynamics are uncertain, we are convinced that the recovery will come,” CEO Borje Ekholm said in a statement.

“Our goal is to make Ericsson a more profitable company, returning to our cash flow target level and capturing the next major wave of networks innovation with a substantial platform business,” he added.

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