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Ericsson swings to loss in Q1

Ericsson said its normalized net income for the first quarter came to a loss of 1.49 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 28 öre per share.

The per-share result swung to a loss from the prior-year profit of 65 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.87 billion kronor, compared with income of 2.14 billion kronor in the year-earlier period.

The normalized profit margin fell to negative 10.5% from 4.1% in the year-earlier period.

Total revenue fell 11.2% on an annual basis to 46.37 billion kronor from 52.21 billion kronor, and total operating expenses climbed 11.1% on an annual basis to 53.68 billion kronor from 48.32 billion kronor.

Reported net income came to a loss of 10.90 billion kronor, or a loss of 3.33 kronor per share, compared with income of 1.98 billion kronor, or 60 öre per share, in the prior-year period.

As of April 25, US$1 was equivalent to 8.77 Swedish kronor.