Ericsson on Wednesday reported its first quarterly operating profit since the fall of 2016 as its results beat analysts’ expectations for the April through June reporting period.
The Swedish telecom equipment giant, which slashed thousands of jobs and overhauled its management team during a prolonged downturn in the segment, disclosed a second-quarter operating margin of 0.3 percent.
Its adjusted gross margin, meanwhile, reached 36.7 percent; Bloomberg reported that analysts predicted the closely watched metric would hit just more than 35 percent.
“It’s been tons of hard work in the company, but it is rewarding to see that hard work now paying off,” President and CEO Börje Ekholm said on the company’s earnings call, according to a transcript.
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