Ericsson turns first profit in two years, shares climb

Monitoring, Oct 18 (INP) – Shares in Swedish telecoms firm Ericsson shot up by five percent in early trades on Thursday after it posted better-than-expected third quarter earnings, turning its first net profit in more than two years.

By noon (1000 GMT), the share price was still up by 4.72 percent on the Stockholm stock exchange in an overall market trading 0.6 percent higher.

Ericsson’s net profit soared to 2.7 billion kronor ($301 million, 261 million euros) during the period July-September, compared to a net loss of 3.6 billion a year ago. Analysts had expected a loss of 167 million kronor.