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American sales squeeze Ericsson profits

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American sales squeeze Ericsson profits
Ericsson CEO Hans Vestberg presents the third-quarter earnings report at the company's headquarters in Kista. Photo: Janerik Henriksson/TT
17:06 CEST+02:00
Swedish telecoms equipment maker Ericsson reported a decline in net profit in the third quarter despite an increase in sales, boosted by business in emerging markets.

Net profit for the June through September period fell 9.4 percent from a year earlier to 2.6 billion kronor ($364 million). Sales increased it to nine percent to 57.6 billion kronor.

Analysts polled by Dow Jones Newswires had forecast a net profit of 2.9 billion and sales of 55.1 billion kronor.

Operations in the Middle East, China, India and Russia have contributed positively to the results of the group but they were offset by lower sales in North America.

In September, the group announced that it would cease development of modems, a move that will affect about 1,600 employees and lead to the elimination of hundreds of positions.

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