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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read U.S. attacks militants in Pakistan as pressure grows | 7:39am EDT Do bedbugs carry superbugs? 6:10am EDT Dark drama about school killing spree jolts Cannes 10:37am EDT Senator describes "gruesome" bin Laden photos 11 May 2011 Wall Street slips with commodities, inflation fears 11:08am EDT Discussed 148 Obama at U.S. base to pay tribute to bin Laden mission 130 Boehner demands trillion-dollar cuts in debt deal 112 Son says bin Laden sea burial demeans family: report Watched Deadly earthquake rocks Spain Wed, May 11 2011 Russia 'shot down Georgia' drone Mon, Apr 21 2008 Commodities sink as dollar rebounds Wed, May 11 2011 Ericsson's cautious outlook takes shine off shares Tweet Share this By Simon Johnson STOCKHOLM (Reuters) - Ericsson, the world's biggest mobile network equipment maker, gave a cautious outlook on Thursday which sent its shares lower even though the firm stuck to sales and profit growth targets for the next three... Email Print Related News Microsoft to buy Skype for pricey $8.5 billion Tue, May 10 2011 Special report: What triggered oil's greatest rout Mon, May 9 2011 Jobless claims jump points to slowing recovery Thu, May 5 2011 South Korea police probe Google over location data collection Tue, May 3 2011 RIM launches new BlackBerry Bold smartphone Mon, May 2 2011 Analysis & Opinion Microsoft’s $8.5 bln Skype price is in the cloud Why commodities crashed Related Topics Technology » Hot Stocks » Asian Markets » Stocks By Simon Johnson STOCKHOLM | Thu May 12, 2011 11:33am EDT STOCKHOLM (Reuters) - Ericsson, the world's biggest mobile network equipment maker, gave a cautious outlook on Thursday which sent its shares lower even though the firm stuck to sales and profit growth targets for the next three years. Optimism about growth at Ericsson has been growing since last year and was fueled further by first quarter earnings that trounced market expectations due to strong growth in mobile broadband. The $220 billion tech gear and services market picked up in the second half of last year as operators boosted spending to meet soaring data traffic from smartphones, tablet computers and mobile Internet users. However on Thursday Ericsson said it expected its core mobile networks market to grow 6-8 percent a year in the 2010-2013 period, while the total network market would show 3-5 percent compound annual growth over the same period. The rare outlook -- given at an investor briefing by management in New York -- implies a sharp slowdown after what is expected to be a strong 2011. Ericsson shares, which have risen 22 percent this year, slipped after the statement, down 1.4 percent at 94.50 crowns by 1520 GMT.The European technology stocks index was down around 0.5 percent. "People think the equipment market growth expectation is a bit cautious," said a trader who declined to be identified. In the first quarter, sales rose 17 percent, with network sales up 35 percent against the year earlier period, despite strong currency headwinds. UNCHANGED TARGETS Despite the subdued outlook, Ericsson stuck by its targets of growth of 4-10 percent in net sales and 5-15 percent in operating income on a compound annual basis over 2010-2013. Chief Executive Hans Vestberg said growth would come from different areas: market growth, growing market share and M&A. He said mobile broadband subscriptions, set to reach around 5 billion by 2016, would drive market growth. Ericsson also plans to further build its presence in fast-growing markets like the United States, Korea and Thailand and wants to take a greater share of operators capital and operating expenditures, Vestberg said. He said Ericsson would be active in adding new businesses where it sees gaps in its portfolio and would push into new areas, such as machine to machine communication, and outside the core telecoms sector to utilities, health and transport. "We believe we have a good porfolio and good assets," Vestberg said. (Additional reporting by Anna Ringstrom; Editing by Will Waterman and Sophie Walker) Technology Hot Stocks Asian Markets Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. 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