Ericsson Crushes Estimates, Stock Surges 11% (ERIC)
Ericsson (NASDAQ:ERIC) reported a Q1 profit of $674 million, easily beating the consensus expectation for a profit of $492 million. Revenues were up 17% year-over-year to $8.70 billion, well above the consensus estimate for $7.67 billion. CEO Hans Vestberg commented "The increase in Group sales was driven by segment Networks where revenues grew 35% year-over-year with an EBITDA margin of 20%. The strong demand for mobile broadband resulted in five out of ten regions showing growth year-over-year. Countries with especially strong growth were the US, India, Japan, Korea and Russia. China had continued good momentum for 2G." Shares of Ericsson are trading up 11.23% at $14.62.
Ericsson (NASDAQ:ERIC) reported a Q1 profit of $674 million, easily beating the consensus expectation for a profit of $492 million. Revenues were up 17% year-over-year to $8.70 billion, well above the consensus estimate for $7.67 billion. CEO Hans Vestberg commented "The increase in Group sales was driven by segment Networks where revenues grew 35% year-over-year with an EBITDA margin of 20%. The strong demand for mobile broadband resulted in five out of ten regions showing growth year-over-year. Countries with especially strong growth were the US, India, Japan, Korea and Russia. China had continued good momentum for 2G." Shares of Ericsson are trading up 11.23% at $14.62.