Ericsson (ERIC) Surges Over 7% After Better-Than-Expected Q3 Results

Oct 15, 2024

Ericsson (ERIC, Financial) saw its stock rise by over 7% in pre-market trading, reaching $8.07. The company's third-quarter revenue totaled 61.8 billion SEK, surpassing market expectations. Notably, sales in North America soared by over 50%, reaching 20.4 billion SEK. Adjusted earnings before interest and taxes (EBIT), excluding impairments, increased by 88% to 7.3 billion SEK, outperforming analysts' forecasts of 5.6 billion SEK. This growth is attributed to the rebound in demand for 5G equipment in North America.

CEO Borje Ekholm anticipates stable year-over-year network sales in the fourth quarter, driven predominantly by the North American market.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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