Why Ericsson Stock Soared Today
Shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) opened Thursday’s trading 11.3% higher, boosted by a strong earnings report. The telecom equipment maker’s stock backed down slightly from that early peak, but remained 8.2% above Wednesday’s closing price as of 1:12 p.m. ET.
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The average Wall Street analyst expected significantly lower Q3 earnings and revenues on a year-over-year basis. Top-line sales were projected to fall 1% to 55.3 billion Swedish crowns (SEK). On the bottom line, the Street target of 1.55 SEK per share sat 33% below the year-ago figure.
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