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Ericsson profits drop 71% in Q3

Ericsson profits drop 71% in Q3
AP
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First Published: Thu, Oct 22 2009. 11 20 AM IST
Updated: Thu, Oct 22 2009. 11 20 AM IST
Stockholm: Wireless equipment maker LM Ericsson AB says its third-quarter profits dropped 71% partly due to a lower demand from customers amid the global financial crisis.
Ericsson says net profit in the July through September period was 810 million kronor ($117.6 million), down from 2.84 billion kronor in the same three months last year.
Sales fell 5.65 to 46.4 billion kronor, from 49.2 billion in the third quarter of 2008.
Sony Ericsson, a joint venture with Sony Corp., last week posted a loss of euro164 million ($245 million) in the third quarter.
Ericsson’s outgoing CEO Carl-Henric Svanberg said Thursday that sales of network equipment declined due to “lower demand in the current tougher market environment.”
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First Published: Thu, Oct 22 2009. 11 20 AM IST