Ericsson Beats Estimates on Cost Cutting in Tough Market
- Adjusted Ebit rose 14% year-on-year to 3.23 billion kronor
- Adjusted figure doesn’t include a major impairment for Vonage
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Ericsson AB earnings beat analysts’ expectations in the second quarter, helped by cost cutting measures to counter what the Swedish company called a “challenging market environment.”
Adjusted earnings before interest and taxes rose 14% from a year earlier to 3.23 billion kronor ($307 million), excluding impairments, the Stockholm-based company said in a statement on Friday. That compared to an average of 2.7 billion kronor forecast by analysts surveyed by Bloomberg.