Ericsson Posts Downbeat Q2 Profit

Ericsson

posted a downbeat second-quarter net profit. Ericsson's quarterly net profit surged to SEK1.47 billion, from SEK1.11 billion, in the year-ago period. However, analysts were expecting a profit of SEK3.04 billion. Its net sales increased to SEK55.33 billion from SEK55.32 billion, versus estimates of SEK56.25 billion. Ericsson's gross margin widened to 32.4% from 32.0%, while operating profit surged to SEK2.47 billion from SEK2.08 billion. Ericsson shares closed at $12.18 yesterday.