Ericsson is a leading supplier of mobile network infrastructure and software to telecom operators (CSPs) worldwide. Its core product is Radio Access Network (RAN) equipment — the hardware (antennas, base stations) and software that form the backbone of mobile networks. Customers are large telecom operators like AT&T, Vodafone, and Bharti Airtel, who buy infrastructure through multi-year direct contracts that typically include equipment, software upgrades, managed services, and support. Ericsson operates through three segments: Networks (~66% of revenue), which covers the core RAN business; Cloud Software and Services or CSS (~26%), which covers 5G core software and managed services; and Enterprise (~8%), which includes Vonage (a CPaaS business), private 5G networks, and Aduna, a JV with operators to commercialize network APIs. Networks revenue is driven by operator CapEx cycles, making it lumpy and project-based, though margins benefit when the mix skews toward software. CSS is shifting toward recurring revenue as operators migrate to standalone 5G architectures, a transition still in early innings globally. Ericsson also earns high-margin IPR licensing revenue from 4G and 5G patents, generating roughly SEK 13B annually. Ericsson's growth strategy focuses on maintaining RAN technology leadership, scaling 5G core software, and expanding into adjacent markets including defense, mission-critical networks, and network APIs.