Ericsson Stock Jumps 8% Even as Q3 Profit Drops 36%
Photo: CoinCentral
TLDR Ericsson (ERICb) stock rose 8% Thursday after Q3 sales topped forecasts. Net sales rose 6% to 59.5 billion crowns, versus 55.4 billion expected. Adjusted EBITA fell 36% to 10.1 billion crowns but beat the 7.87 billion forecast. New CEO Per Narvinger warned that component costs will pressure margins next year. Q4 guidance calls for an adjusted gross margin of 49% to 51%. Ericsson (ERICb) stock rose 8.44% on Thursday. The move came after the telecom gear maker posted third-quarter sales that beat expectations. Telefonaktiebolaget LM Ericsson (publ), ERIC Net sales climbed 6% to 59.5 billion crowns.
Source: CoinCentral
