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Ericsson Q3 Profit Rises - Quick Facts

Swedish telecom equipment maker Ericsson (ERIC) reported that its third-quarter net income attributable to owners of the parent company rose to 5.75 billion Swedish kronor or 1.73 kronor per share from 5.35 billion kronor or 1.61 kronor per share in the same quarter last year.

But net sales for the third-quarter declined 2% to 56.26 billion kronor from 57.47 billion kronor last year.

Sales adjusted for comparable units and currency for the quarter declined by 1% year-over-year, with growth in two of the five market areas. Sales in Mainland China in Networks and Digital Services declined by 3.6 billion kronor, impacting the growth rate adjusted for comparable units and currency by -6%.

The company noted that investor update, planned for November 9, will be postponed and expanded into a Capital Markets Day in 2022. The aim with the Capital Market Day in 2022 is to host a full-day, in person event with the entire executive management present, specifying the building blocks towards the long-term targets and elaborating on Enterprise driven growth.

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