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Ericsson profit misses consensus by 78.4% in Q2

Ericsson said its second-quarter normalized net income came to 6 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 28 öre per share.

EPS decreased 90.2% year over year from 62 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 199.8 million kronor, a decline of 90.3% from 2.06 billion kronor in the year-earlier period.

The normalized profit margin declined to 0.4% from 3.8% in the year-earlier period.

Total revenue declined 7.7% on an annual basis to 49.94 billion kronor from 54.11 billion kronor, and total operating expenses totaled 49.67 billion kronor, compared with 49.84 billion kronor in the year-earlier period.

Reported net income totaled a loss of 1.01 billion kronor, or a loss of 31 öre per share, compared with income of 1.58 billion kronor, or 48 öre per share, in the prior-year period.

As of July 18, US$1 was equivalent to 8.27 Swedish kronor.