Ericsson Q1 Profit Drops, Revenue Climbs; Stock Plunges

April 23, 2015 7:47 AM

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Swedish mobile network equipment maker Ericsson (ERIC: Quote) Thursday reported decreased first-quarter profit from the previous year, as mobile broadband business in North America continued to be slow. Sales, however, increased due to favorable currency movements.

Looking ahead, the company expects the fast pace of 4G deployments in Mainland China to continue and the North American mobile broadband business to remain slow in the short term. The stock plunged over 8 percent in early trade.

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