FIVG - Why Ericsson Shares Are Higher Premarket Tuesday | Benzinga
Ericsson (NASDAQ:ERIC) shares are trading higher after it reported first-quarter FY24 results.
Sales declined 15% Y/Y to SEK53.3 billion. In USD, sales of $5.13 billion missed the consensus of $5.34 billion.
Group organic sales declined by 14% Y/Y due to a decline of 19% in the Networks business as the customers continued to be cautious with their investments.
Read: Ericsson Powers Up: Secures EUR 420M Boost For Next-Gen Wireless Technology
Excluding restructuring charges, the gross margin improved to 42.7% from 39.8% a year ago, led by a competitive product portfolio, cost initiatives, improved commercial discipline, and increased IPR licensing revenues.
Adjusted EBIT ...