Ericsson reports second quarter results. Sales at SEK 55.6 billion

Ericsson report show that sales were SEK 55.6 (54.8) b. Sales adjusted for comparable units and currency were flat YoY.

Gross margin excluding restructuring charges improved to 38.2% (36.7%), including the earlier communicated inventory write-down related to Mainland China (SEK -0.9 b., which equals to -1.6 percentage points).           

Operating income excluding restructuring charges improved to SEK 4.5 b. (8.2% operating margin) from SEK 3.9 b. (7.0% operating margin) driven by improvements in segment Digital Services.            

Networks sales increased by 4% YoY. Networks operating margin excluding restructuring charges  was 14.1% (15.0%) impacted by strategic contracts and the inventory write-down, partly compensated by operational leverage and a favorable business mix.            

Digital Services operating income excluding restructuring charges was SEK -0.7 (-1.3) b. Gross margin improved driven mainly by higher software sales while sales declined by -5%.            

Net income was SEK 2.6 (1.8) b. Free cash flow before M&A was SEK 3.2 (1.6) b. Net cash June 30, 2020, was SEK 37.5 (33.8) b.           

The Covid-19 pandemic had a limited impact on operating income and cash flow in the quarter.

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