Shares of Swedish telecom firm Ericsson jumped amid third-quarter core earnings that surpassed analyst expectations and growth in North American demand.
The company’s stock was up 10% at 12:17 p.m. in London.
Ericsson on Tuesday declared adjusted third-quarter earnings, excluding impairments, of 7.327 billion Swedish crowns ($0.7 billion), compared with 3.9 billion Swedish crowns in the same period of last year and exceeding the 5.75 billion crown mean forecast of analysts cited by Reuters.
Net sales shed 4% year-on-year to 61.8 billion Swedish crowns in the third quarter, but nevertheless surpassed analyst expectations of near 61.6 billion, according to Reuters estimates. North America emerged as a bright spot in the sales picture, with year-on-year growth of more than 50%.
“This has been a challenging market for various reasons for quite some time,” Ericsson CEO Börje Ekholm told CNBC’s “Squawk Box Europe.” “So we’re starting to see some signs here that the market is stabilizing. I think …