Ericsson reports bumper profit

Swedish telecoms equipment maker Ericsson made net profits of 8.3 billion kronor ($1.2 billion) in the first quarter. In the same period last year, the company made 6.7 billion.

Reuters reports that analysts had on average expected a profit of 8.4 billion.

Sales were at 42.2 billion kronor, compared with 39.6 billion a year ago. Analysts had on average expected sales of 42 billion kronor. The gross margin was 43 percent, compared with 43.5 percent at the same time last year.

“We are uniquely positioned to benefit from current market conditions. The year has started well, including encouraging growth in multimedia and professional services,” said CEO Carl-Henric Svanberg in a statement welcoming the figures.