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Ericsson: profit in line with forecasts, shares down

( - Ericsson matched market forecasts for second-quarter earnings as the maker of mobile phone network equipment saw strong momentum in its 5G business with new contracts and commercial launches.

The Swedish company said operating profit jumped by 89% to 3.9 billion Swedish crowns from 2 billion in the same period last year.

Net income improved to 1.8 billion Swedish crowns, from a loss of 1.8 billion Swedish crowns a year earlier.

Sales rose 10 percent to 54.8 billion crowns, driven by growth in Networks in North America, South Korea and China.

Gross margins rose to 36.6 percent, from 34.8 percent a year earlier.

"5G momentum is increasing," said Chief Executive Borje Ekholm.

By 09:05 AM, the Ericsson shares listed on the Nasdaq Nordic market traded down 1.4 percent at 89.1 crowns. They have risen over 14% so far this year.

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