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Summary Box: Handset arm sale lifts Ericsson in 1Q

Source : AP
Last Updated: Wed, Apr 25, 2012 21:45 hrs

: Wireless equipment maker LM Ericsson said its first-quarter profit more than doubled thanks to proceeds from the sale of its stake in handset maker Sony Ericsson.

PROFIT BOOST: The Swedish company posted profit of 8.95 billion kronor ($1.33 billion), including a 7.69 billion kronor gain from selling its stake in its joint venture with Sony Corp.

REVENUE DROP: Revenue fell 4 percent back of the financial crisis and tension in the Middle East. Network operators in areas facing political or economic uncertainty are spending less.

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