Shares of Britain’s Vodafone Group, the world’s largest mobile phone company, and Sweden’s Ericsson, the largest maker of wireless networks, fell sharply early today after their earnings reports and forecasts reflected a slowdown in consumer spending. Vodafone reported slight growth, driven by business outside its core European market, and Ericsson posted a 70 percent drop in profit. “We see technology stocks starting to suffer from the economic slowdown,” said analyst Julien Quistrebert at Richelieu Finance in Paris. (Bloomberg)
The bottom line
July 22, 2008
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