Ericsson Third-quarter Core Profit Beats Forecasts, Margins Rise

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October 21, 2020

STOCKHOLM: Sweden’s Ericsson on Wednesday reported quarterly core earnings ahead of market estimates, helped by a lift in margins across its businesses, and said it was “more confident” in meeting its 2020 targets.

The company’s third-quarter adjusted operating earnings rose to 9.0 billion Swedish crowns ($1.0 billion) from 6.5 billion a year ago, beating the mean forecast of 6.98 billion crowns, according to Refinitiv estimates.

The group’s gross margin, excluding restructuring charges, rose to 43.2% in the third quarter from 37.8% in the year-ago period.

Ericsson’s 5G contract wins have touched 112 as more telecom operators are rolling out the next-generation network and diplomatic pressure from the U.S. is pushing out China’s Huawei from more countries.

Total revenue rose 1% to 57.5 billion crowns.

“Covid-19 has so far had limited impact on our business, but we are closely monitoring any signs of a change in the situation,” Chief Executive Borje Ekholm said in a statement.

($1 = 8.7165 Swedish crowns)

Ericsson Third-quarter Core Profit Beats Forecasts, Margins Rise

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