Ericsson beats earnings expectations in Q1 despite revenue miss

Telecommunications giant Ericsson (NASDAQ:ERIC), headquartered in Stockholm, today announced its first-quarter earnings, reporting a net income of $388.7 million.

The company stated that this translated to earnings of 12 cents per share.

These results surpassed the expectations of Wall Street analysts.

According to a survey conducted by Zacks Investment Research involving four analysts, the average estimate for earnings per share was 9 cents.

However, the company's revenue for the quarter fell slightly short of forecasts.

Ericsson reported revenue of $5.16 billion for the period.

This figure was below the $5.3 billion revenue projection from three analysts surveyed by Zacks Investment Research.

Despite the revenue miss, Ericsson's better-than-expected earnings will likely be viewed positively by investors.