STOCKHOLM (AP) — Swedish wireless equipment company Ericsson AB says its net profit increased by 34 percent in the third quarter as a better business mix boosted its margins.
Ericsson said net profit for the period was 2.92 billion Swedish kronor ($458 million), compared with 2.18 billion kronor a year earlier.
Sales in the quarter dropped by 3 percent to 52.98 billion kronor from 54.55 billion in the third quarter 2012, weighed down by negative currency exchange effects and lower sales in North East Asia and India.
Ericsson CEO Hans Vestberg said the macroeconomic climate has stabilized in many markets and the "long-term fundamentals in the industry remain attractive." However, he added "uncertainty still remains in certain parts of the world."