Telecommunication and data communication systems provider Ericsson ((OMX: ERIC B, NASDAQ: ERIC) missed earnings forecasts. Sales were up 14% compared to last year to 54.8 billion SEK. Strong Swedish krona negatively affected sales numbers. Diluted EPS was 0.96 SEK. A one-off restructuring charge of 1.3 billion from staff reductions in Sweden pushed operating income down to 5 billion and total restructuring costs for this year will be far higher than previously expected.
Brazil, China, Germany, Korea, and Russia reported particularly strong growth and impact from the natural disaster in Japan was limited for networks segment but, as was communicated earlier, the results of Sony Ericsson joint venture were lower as a result. Ericsson is down nearly 10% in a market that turned negative after PMI indexes from Europe were worse than expected. More information is available here.
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