Ericsson Q2 Profit Surges

Telefonaktiebolaget LM Ericsson or Ericsson (ERIC), on Thursday posted a surge in earnings for the second quarter, amidst continued strong business momentum during the period.

For the quarter ended in June, the company posted a net income of SEK 4.7 billion or SEK 1.35 per share, compared with SEK 3.9 billion or SEK 1.10 per share posted a year ago.

EBIT was at SEK 7.3 billion as against SEK 5.8 billion, year-over-year basis. EBIT excluding restructuring charges also increased to SEK 7.4 billion, versus SEK 5.8 billion, reported last year.

The company's EBITA rose to SEK 7.5 billion, from SEK 6.1 billion of previous year quarter.

The Swedish firm's net sales moved up to SEK 62.5 billion, from SEK 54.9 billion, registered for second quarter of 2021.

Looking ahead, Börje Ekholm, CEO of Ericsson, said: "Our strategy targets a higher growth trajectory as we aim to grow our core mobile infrastructure business and capitalize on the fast-growing enterprise market. We remain determined to reach our long-term target of an EBITA margin, excluding restructuring charges of 15-18% no later than in 2-3 years."

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