Network equipment company Ericsson announced revenues well below analyst expectations, driving the shares down 20%. The problem isn’t the industry – Panjiva data shows phone network equipment imports increased 13% on a year earlier in the quarter ending August 31. Indeed, Ericsson’s shipments to the U.S. actually increased 3% in the three months to September 31 – they may have unsold inventories. Competitors Huawei and ZTE aren’t having a much better time – their exports from China fell 25% and 32% respectively in the August quarter.