Ericsson Q3 Profit Boosted by Iconectiv Deal
Ericsson's Q3 profit was boosted by the sale of Iconectiv, despite a decline in sales. The company booked a net profit of SEK11.3 billion ($1.2 billion), including a SEK7.6 billion capital gain from the sale of Iconectiv.
Net sales dropped 9% year-on-year to SEK56.2 billion, with Network sales declining 11% and Enterprise sales down 20%. The loss of Iconectiv impacted Enterprise sales.
In the Networks division, growth in EMEA and north east Asia was offset by declines elsewhere.
The sale of Iconectiv provided a profit boost for Ericsson in Q3.
- Net profit: SEK11.3 billion ($1.2 billion)
- Capital gain from Iconectiv sale: SEK7.6 billion
- Net sales: SEK56.2 billion, down 9% year-on-year
Author's summary: Ericsson's Q3 profit rose due to the Iconectiv sale.