Globally, Ericsson's organic sales declined 9% year-on-year, with network sales falling 13%, but enterprise sales rising by 20%. Meanwhile Ericsson's main western competitor, Nokia, posted a profit warning for the full year, reducing their net sales outlook to €23.2 - 24.6billion from €24.6 -26.2billion. The change was related to its network infrastructure and mobile networks business groups. The global markets' weaker demand outlook in the second half is due to the macro-economic environment and customers' inventory digestion. "Customer spending plans are increasingly impacted by high inflation and rising interest rates along with some projects now slipping to 2024 – notably in North America. There is also inventory normalisation happening after the supply chain challenges of the past two years," Nokia said in a statement today. Ericsson meanwhile said that they expect inventory corrections to flatten out by the end of the year, which will make their H2 results stronger.