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Ericsson profit misses consensus by 32.3% in Q3

Ericsson said its third-quarter normalized net income was 1.02 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.51 kronor per share.

EPS rose 31.7% year over year from 78 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.36 billion kronor, an increase of 32.3% from 2.54 billion kronor in the prior-year period.

The normalized profit margin climbed to 5.7% from 4.4% in the year-earlier period.

Total revenue grew year over year to 59.16 billion kronor from 57.64 billion kronor, and total operating expenses came to 52.69 billion kronor, compared with 52.20 billion kronor in the prior-year period.

Reported net income grew 16.5% from the prior-year period to 3.09 billion kronor, or 94 öre per share, from 2.65 billion kronor, or 81 öre per share.

As of Oct. 23, US$1 was equivalent to 8.49 Swedish kronor.