Swedish telecom company Ericsson (ERIC) - Get Telefonaktiebolaget LM Ericsson Sponsored ADR Class B Report may have disappointed investors with a surprising loss in the first quarter, but CFO Carl Mellander looked to reassure them by saying that the company's underlying business is still healthy. 

Mellander expects the company to be a lot stronger "in a year or two." Mellander specifically called out the underperformance of the company's media, IT and cloud businesses. 

Ericsson swung to a first quarter operating loss of $1.4 billion in the quarter after reporting a profit of $400 million in the year ago period. 

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