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Ericsson swings to loss in Q3

Ericsson said its third-quarter normalized net income was a loss of 53 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of a loss of 45 öre per share.

The per-share result swung to a loss from the prior-year profit of 17 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.73 billion kronor, compared with income of 577.6 million kronor in the prior-year period.

The normalized profit margin declined to negative 3.6% from 1.1% in the year-earlier period.

Total revenue decreased 6.4% year over year to 47.80 billion kronor from 51.08 billion kronor, and total operating expenses climbed year over year to 50.09 billion kronor from 49.25 billion kronor.

Reported net income totaled a loss of 4.45 billion kronor, or a loss of 1.36 kronor per share, compared with a loss of 231.1 million kronor, or a loss of 7 öre per share, in the prior-year period.

As of Oct. 20, US$1 was equivalent to 8.16 Swedish kronor.