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Sweden's
Ericsson (ADR)ERIC reported a drop in its net profit for the first quarter.
Ericsson posted a quarterly net profit of 1.32 billion Swedish kronor, or 0.40 kronor per share, versus a year-ago profit of 2.12 billion kronor, or 0.65 kronor per share. Analysts were expecting a profit of 0.68 kronor per share.
Its net sales gained 13 percent to 53.52 billion kronor, compared to 47.51 billion kronor. Like-for-like sales slipped 6 percent.
Operating profit declined to 2.1 billion Swedish crowns ($240 million), compared to 2.6 billion.
Gross margin came in at 35.4 percent.
Ericsson shares fell 8.19 percent to $11.66 in pre-market trading.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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