The results were very upbeat. However, Sony Ericsson may have lost market share compared to the fourth quarter as the overall market was very strong in the first quarter.

The read-across from particularly Lucent, but also Motorola, on Ericsson is limited.

The mobile systems side is doing well, but Marconi and the fixed-line side are weighing heavily.

I think the share price will open unchanged or dip somewhat due to the fact that both the gross and operating margin were lower than expected.

Nokia will have a tough time boosting its margins in the future given the tough competitive climate.

We expect strong fourth-quarter results but foresee abating organic growth and falling margins in 2006.

Ericsson’s results for the fourth quarter were acceptable. Sales growth was stronger than anticipated but margins weaker. This is not likely to move the shares.