STOCKHOLM,Sweden — After cutting twenty thousand five hundred jobs, Ericsson, a digital market leader in the moble phone sector, saw a net profit of $301 million during the period July-September.
“There is strong momentum in the global 5G market with lead markets moving forward,”Chief Executive Borje Ekholm said in a statement. “More work remains, however, to get all parts of the business to a satisfactory performance level.”
Ericsson boosted sales of next-generation 5G gear in North America.
— Ericsson (@ericsson) 18 oktober 2018
Marking its third consecutive quarter of substantial progress toward its 2020 financial targets, the company reported net sales rose 9 percent to 53.8 billion Swedish crowns ($6 billion) thanks to strong growth in its networks business.
That was led by early 5G sales in North America and 4G upgrades in Europe and Latin America, and helped to drive its shares 5 percent higher in early Thursday.
The company launched a major 10 billion (SEK) restructuring drive in July 2017.