Shares in Swedish network equipment maker Ericsson tanked over 10 percent on Thursday after announcing weak first quarter results and reorganization plans.
Ericsson reported a 2 percent year-on-year decline in net sales in the first quarter of 2016 of 52.2 billion Swedish crowns ($6.4 billion), below a Reuters forecast of 54.6 billion. And while operating income rose 63 percent year-on-year to 3.5 billion Swedish crowns, it was below market expectations.
The company said that the new structure will have five business units and one dedicated customer group for "Industry and Society". The changes will make it easier "for our customers to do business with us", Ericsson said in a statement.