Ericsson Q1 profit up, beats expectation

CALIFORNIA, USA: Ericsson, the world's biggest mobile network gear maker, posted core profit well ahead of expectation on Wednesday thanks to surging sales at its key network unit.

Ericsson's earnings before interest and tax excluding joint ventures were 6.3 billion crowns ($1.03 billion) versus an average forecast of 5.0 billion in a Reuters poll.

From the first quarter, Ericsson reports headline profit including restructuring charges.

Gross margin was flat year-on-year at 38.5 per cent.