Ericsson Earnings Beats Estimates; Outlook Uncertain
Oct. 20 (Bloomberg) -- Ericsson AB, the world's largest maker of wireless phone networks, said third-quarter profit fell 28 percent, less than analysts had anticipated, as sales gained and cost cuts took effect.
Net income fell to 2.84 billion kronor ($384 million), or 0.89 krona a share, from 3.97 billion kronor, or 1.24 krona a year earlier, the Stockholm-based company said today. Analysts surveyed by Bloomberg predicted net income of 2.21 billion kronor. Sales advanced 13 percent to 49.2 billion kronor.
Chief Executive Officer Carl-Henric Svanberg said it is ``hard to predict'' how Ericsson's clients will react to the global financial crisis. So far, Ericsson's business has not been affected, and the company's financial position ``is strong with healthy net cash and high payment readiness,'' he said.
Ericsson was due to report third-quarter earnings on Oct. 24. The company will hold a press conference at 9 a.m. local time to discuss the earnings.
BLOOMBERG
No comments:
Post a Comment