STOCKHOLM (AP) _ Ericsson (ERIC) on Wednesday reported first-quarter profit of $379.8 million.
On a per-share basis, the Stockholm-based company said it had profit of 11 cents. Earnings, adjusted for amortization costs and restructuring costs, came to 12 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The telecommunications equipment provider posted revenue of $5.93 billion in the period.
Ericsson shares have risen 13% since the beginning of the year. The stock has increased 59% in the last 12 months. Ericsson’s U.S. headquarters is in Plano.