Ericsson reports net profit rise

Wireless equipment maker LM Ericsson AB said its net profit rose by 4% in the third quarter boosted by increased market share.

Ericsson reported a third-quarter net profit today of 3.8 billion kronor (€416m), up from 3.7 billion kronor (€404m) in the same period a year ago.

Sales for the quarter increased by 17% to 55.5 billion kronor from 47.5 billion a year earlier.

The company’s chief executive Hans Vestberg said the sales were driven “by a continued strong demand for mobile broadband as well as increased services revenues”.

He said Ericsson’s performance so far this year reaffirms the company’s “indications of a strengthened global market share”.