Ericsson Q3 Profit Surges 34%

Ericsson

reported a 34% rise in its third-quarter net profit. Ericsson's quarterly net profit surged to 2.92 billion Swedish kronor ($460 million), while operating profit rose to SEK4.23 billion from SEK3.10 billion. However, analysts were expecting a net profit of SEK3.21 billion. Its gross margin widened to 32% from 30.4%. Its revenue declined to SEK53.0 billion from SEK54.6 billion. Ericsson shares closed at $13.06 yesterday.