Swedish telecom firm Ericsson AB (ERIC) reported a sharp plunge in first-quarter net income attributable to stockholders of the parent company to 1.205 billion Swedish Kronor, or 0.37 kronor per share, from 8.95 billion Kronor, or 2.76 kronor per share, a year ago. Excluding the gain from divestment of Sony Ericsson, quarterly non-IFRS earnings per share were 0.99 kronor, down 68% from 3.14 kronor in the prior-year quarter.
Including joint venture, three-month operating income fell to 2.1 billion kronor, from 9.1 billion kronor, mainly due to restructuring charges relating to the reduction of operations in Sweden and high 2012 comparison due to the gain related to the divestment of Sony Ericsson, according to the company. Operating income was also negatively impacted by FX effects year-over-year.
However, sales in the first quarter reached 52.03 billion Kronor, up compared with last year's 50.97 billion kronor. For comparable units and adjusted for FX and hedging, sales went up 7% year-over-year.
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