Ericsson ratchets up profits in 2010
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Swedish kit vendor Ericsson benefited from ongoing improvements at its handset joint venture Sony-Ericsson and a decrease in restructuring charges through 2010, reporting on Tuesday a 172 per cent year on year increase in annual net profits.
ncome for the year hit €11.2bn, compared to €4.1bn in the same period last year. For the fourth quarter, net profit climbed €504 per cent year on year to €4.4bn on the back of better earnings from Sony Ericsson.
Sales in networks increased 14 per cent year on year and 40 per cent sequentially, primarily driven by increased demand for mobile broadband and investments in 2G expansions in China. Global services sales decreased one per cent year-over-year and increased 20 per cent sequentially as a result of lower levels of network rollout following an industry wide component shortage earlier in the year. Managed services grew five per cent year-over-year and with 16 contracts signed in the quarter.
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