ADVERTISEMENT
News » Money
Oct 24, 5:20 AM EDT

Ericsson third quarter profit down 10 percent despite higher sales

Technology Video

Latest Earnings News
Ericsson third quarter profit down 10 percent despite higher sales

Microsoft beats expectations as cloud business more than doubles, devices sales soar

Nokia sees third-quarter turn to profit as sales grow after sale of phone unit to Microsoft

Yahoo 3rd-quarter results top Wall Street estimates as mobile performance gives revenue a lift

Verizon reports higher 3rd-quarter net income, higher revenue

Interactives
A rare glimpse at a sunken ship
Swedish City Aims to End Emissions
Latest Stories
Ericsson third quarter profit down 10 percent despite higher sales

Sweden calls off weeklong search for suspected submarine in Stockholm archipelago

Obama to nominate former campaign vice-chair Azita Raji as US ambassador to Sweden

Sweden raises estimate of foreign fighters joining IS group

Sweden closes investigation into 2010 suicide bombing, says attacker acted alone

Buy AP Photo Reprints

STOCKHOLM (AP) -- Wireless equipment maker Ericsson says its third-quarter earnings slumped 10 percent despite higher sales due to increased operating costs and negative effects from currency hedging.

Ericsson said Friday net profit dropped to 2.65 billion kronor ($365 million), from 2.92 billion kronor in the same period last year.

Sales rose 9 percent to 57.6 billion kronor, driven by growth in the Middle East, Russia, China and India, and offsetting declining sales in North America.

Ericsson said costs rose due to higher research and development spending as well as expenses related to hedging its risks against shifts in foreign currencies.

Ericsson shares were down 1.5 percent at 84.30 kronor in early trading in Stockholm.

Based in the Swedish capital, the company is a world-leading maker of the infrastructure for mobile broadband networks.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

 
ADVERTISEMENT