Ericsson’s reliance on the US market has grown to about 43% of year-to-date revenues, but third-quarter US sales fell 17% to roughly SEK 22.5 billion (about 2.4 billion$). The Swedish vendor is prioritising cost cuts, including AI-driven efficiencies, to protect competitiveness.
China’s share of Ericsson’s sales has fallen a lot too. It has declined from about 8% in 2020 to 4% in 2024 (slightly over 1 billion$) and about 3% in Q3 2025. Reports indicate Nordic vendors could face exclusion from China’s market, with national-security reviews underway. Ericsson’s headcount in northeast Asia has fallen by around a quarter since 2020.
CEO Börje Ekholm now highlights the US, India, Japan and the UK as key markets. After a rapid 5G rollout, India’s annual revenues fell from SEK 31.6 billion (about 3.3 billion$) in 2023 to SEK 14.9 billion (about 1.6 billion$) in 2024. In Japan, a new 5G deal with SoftBank helped lift Ericsson’s Q3 sales in northeast Asia by 4% to SEK 3.8 billion (about 400 million$).
In the US, spectrum moves such as Echostar’s license sales to other operators, including AT&T, could spur new investments. Any upswing would further deepen Ericsson’s exposure to the American market while uncertainty persists in China.
