Ericsson, the world’s biggest maker of mobile network equipment, cut its industrywide growth forecast on Thursday for the global market over the next few years, citing weaker mobile broadband demand.
The Swedish company said in a statement ahead of an investor update in New York that it expected an average annual growth of 1 to 3% for the parts of the market which its products and service address during the three years from 2016 to 2018.
Results will be weighed down by a 10 to 15% fall in the global infrastructure market this year and a 2 to 6% decline in the worldwide mobile network equipment market in 2017.
In its previous market outlook, issued one year ago, Ericsson forecast 2 to 4% total market growth per year in the period through 2018.