Ericsson Posts Decline In Q1 Earnings

Ericsson

reported a drop in its first-quarter earnings. Ericsson's gross margin declined to 32% in the quarter versus 33.3%. Ericsson's quarterly net profit fell to 1.21 billion Swedish kronor ($181 million), from SEK8.95 billion, in the year-ago period. However, analysts were expecting a net profit of SEK1.80 billion. Its net sales climbed to SEK52.03 billion from SEK50.97 billion, versus estimates of SEK52.52 billion. Ericsson shares closed at $11.54 yesterday.