Ericsson Q3 net profit jumps on strong margins

AP News
Posted: Oct 24, 2013 2:38 AM

STOCKHOLM (AP) — Swedish wireless equipment company Ericsson AB says its net profit increased by 34 percent in the third quarter as a better business mix boosted its margins.

Ericsson said net profit for the period was 2.92 billion Swedish kronor ($458 million), compared with 2.18 billion kronor a year earlier.

Sales in the quarter dropped by 3 percent to 52.98 billion kronor from 54.55 billion in the third quarter 2012, weighed down by negative currency exchange effects and lower sales in North East Asia and India.

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Ericsson CEO Hans Vestberg said the macroeconomic climate has stabilized in many markets and the "long-term fundamentals in the industry remain attractive." However, he added "uncertainty still remains in certain parts of the world."