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Ericsson profit misses consensus by 58.0% in Q1

Ericsson said its first-quarter normalized net income amounted to 47 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 1.12 kronor per share.

EPS declined 23.7% year over year from 62 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.55 billion kronor, a decrease of 23.5% from 2.02 billion kronor in the prior-year period.

The normalized profit margin declined to 2.9% from 4.3% in the year-earlier period.

Total revenue increased 12.7% year over year to 53.52 billion kronor from 47.51 billion kronor, and total operating expenses climbed 10.6% year over year to 49.40 billion kronor from 44.66 billion kronor.

Reported net income fell 38.2% on an annual basis to 1.31 billion kronor, or 40 öre per share, from 2.12 billion kronor, or 65 öre per share.

As of April 23, US$1 was equivalent to 8.65 Swedish kronor.