Ericsson Q3 Net Profit Down 43%

Ericsson

reported a drop in its third-quarter profit. Ericsson's quarterly gross margin declined to 30.4%, from 35%, in the year-ago quarter. Its net profit declined 43% to 2.18 billion Swedish kronor ($325 million), from SEK3.82 billion, in the year-ago quarter. Ericsson's sales dropped 2% to SEK54.55 billion from SEK55.52 billion, versus estimates of SEK55.11 billion. Ericsson shares closed at $9.07 yesterday.