Ericsson posts better-than-expected results in the third quarter

Swedish telecoms equipment maker Ericsson, one of Europe’s key 5G suppliers, reported Wednesday better-than-expected third quarter results on the back of its highest profitability rating since 2006.

Ericsson posted three months to September net profit of 5.6 billion kronor (522 million euros, $622 million) compared with a loss in the same period the previous year of 6.9 billion kronor when it had to make large provisions.

Sales were up just 0.6 per cent at 57.5 billion kronor.Ericcso

The company said that while the coronavirus pandemic “has hurt revenues for several of our customers, and in some cases this has led to a reduction of capex (capital expenditure), we have not seen any negative impact on our business.”