18th Oct 2018 11:39
STOCKHOLM (Alliance News) - Swedish telecommunications technology company Ericsson on Thursday posted a profit of SEK2.7 billion, or USD301 million, for the third quarter.
Ericsson posted a net loss of SEK3.5 billion in the same quarter last year.
Chief Executive Borje Ekholm said the company had noted "strong momentum in the global 5G market with lead markets moving forward," including in the US.
Year-on-year sales in the quarter rose by 9% to SEK53.8 billion. Adjusted for currency effects, the sales increase amounted to only 1%.
Ericsson's main business area, networks, showed growth of 5% adjusted for currency effects. The company cited strong sales growth in North America, Europe and Latin America.
The results topped analysts' forecasts and helped lift the Ericsson share on the Stockholm stock exchange. In late morning trading, the Ericsson share was trading up over 3.5%.
Ekholm said the company was continuing to cooperate with US authorities who were investigating corruption allegations in connection with past business deals.
The company did not say when the probes, which began in 2013, might be completed, but said it expected they would "likely result in monetary and other measures," Ekholm said in a comment.