Ericsson US Sales Surge, Helped By Smartphones

Telefon AB L.M. Ericsson (ERIC), the world's largest maker of mobile network equipment, Friday posted stronger than expected third-quarter net profit as rising margins helped compensate for a continuing shortage of component supplies and North American sales surged, helped by the rising popularity of smartphones.

"During the quarter, mobile broadband continued to grow, especially in North America and Japan," said Chief Executive Hans Vestberg. "We see continued growth opportunities in the market."

Ericsson posted net profit of 3.68 billion Swedish kronor ($554 million) for the three months to Sept. 30, slightly ahead of analysts' expectations for SEK3.47 billion and up from SEK810 million a year earlier when the result was hit by charges totaling SEK2.7 billion for ongoing restructuring.

Read Full Article from Wall Street Journal

- Posted: 2010-10-22 21:49:16

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