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Ericsson Turns To Profit In Q1

Ericsson (ERIC) reported that its net income for the first-quarter was 2.4 billion Swedish kronor, compared to a loss of 0.7 billion kronor in the same quarter last year. Earnings per share was 0.70 kronor, compared to a loss of 0.25 kronor in the previous year.

Non-IFRS earnings per share were 0.80 kronor compared to 0.11 kronor in the prior year.

Operating income was 4.9 billion kronor, compared to operating loss of 0.3 billion kronor in the prior year. Operating income excluding restructuring charges surged to 5.1 billion kronor from 0.9 billion kronor last year.

Sales for the quarter grew 13% to 48.9 billion kronor from 43.4 billion kronor last year. Sales adjusted for comparable units and currency increased by 7% driven by strong growth in North America.

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