(Ericsson) Shares of Ericsson fell more than 6% on Thursday after reporting a net income of SEK2.9 billion in the first quarter of 2022, down by 8% from the prior year.
The company’s EBIT was SEK4.7 billion, declining by 10% from the prior year. The EBIT margin was 8.6% in the first quarter, compared to 10.6% from the prior year.
Despite the fall in income, the company’s net sales rose by 11% to SEK55.1 billion. The revenue was lower than SEK71.3 billion in the fourth quarter of 2021.
Ericsson said that its organic sales increased by 3% from the prior year. Digital Services organic sales fell by 2% from the prior year.
The company booked asset impairment and other extraordinary costs of SEK0.9 billion, due to the suspension of affected business in Russia.
ERIC-B: STO is down -6.25%
