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Ericsson (NASDAQ:ERIC) shares are trading lower on Wednesday. The company disclosed a $3 billion three-year partnership with Export Development Canada (EDC).
The deal aims to expand Canadian R&D investment, strengthen local supply chains, and advance next-generation technologies, including 5G, Cloud RAN, AI, and quantum innovation.
The agreement will allow Ericsson to scale its Canada-based innovation and global initiatives with backing from EDC's financial and insurance programs.
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By strengthening its Canadian supply chain and fostering collaboration with local innovators, the partnership aims to boost Ericsson's global reach and enhance competitiveness.
It will also open new avenues for Canadian firms across its international partner ecosystem.
The collaboration follows Ericsson's CAD 634.8 million R&D agreement with the Government of Canada announced in 2024.
Börje Ekholm, President and CEO of Ericsson, stated, “Canada is one of Ericsson’s most important hubs for global research and development, and this partnership with Export Development Canada will allow us to scale that leadership even further.”
”By strengthening our collaboration with Canadian businesses, universities and government partners, we can accelerate breakthroughs in 5G, quantum, and Cloud RAN that will drive growth, create opportunities, and reinforce Canada’s position as a global leader in next generation networks.”
On Tuesday, the company reported stronger-than-expected third-quarter earnings, with sales of 56.2 billion Swedish Krona ($5.91 billion). Although this represented a 9% year-over-year (Y/Y) decline in local currency, it narrowly topped the consensus revenue estimate of $5.90 billion.
Also, the company entered a five-year strategic partnership with Vodafone to modernize Vodafone's network infrastructure using Ericsson's advanced programmable network technologies across multiple major markets.
Price Action: ERIC shares are down 1.98% at $9.65 at the last check on Wednesday.
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Posted In: ERIC
