Ericsson’s Cloud Software and Services unit books $76 mln charge

Ericsson (ERICb.ST) on Wednesday announced a 800 million crown ($76 million) fourth-quarter charge linked to dropping some contracts and products at its loss-making Cloud Software and Services business.

The Swedish telecom gear maker had said last month it would restructure parts of the business, which it expanded in July with the $6.2 billion acquisition of cloud communications firm Vonage, to improve profitability.

“Following a portfolio and customer contract review, the company has decided to exit certain subscale agreements and product offerings,” it said in a statement on Wednesday.