Why Telefonaktiebolaget LM Ericsson Shares Jumped 10% Today
Shares of Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) soared on Friday morning, following the telecom infrastructure specialist's release of third-quarter results. As of 9:55 a.m. EDT, Ericsson stock had gained 9.7% on heavy trading volume.
Nighttime close-up of Ericsson's Stockholm headquarters. Image source: Ericsson.
Ericsson's third-quarter sales decreased 6% year over year, landing at $5.9 billion. The company reports its results in the Swedish krona, and the U.S. dollar's value measured against that currency has fallen by 8.5% over the last 52 weeks. Accounting for that currency exchange effect, Ericsson's dollar revenues increased by 2%.
Source: Fool.com