Its 3Q08 net profit was down 28% to €298m, but revenues grew 13% to €5.2bn. EBITDA was €1.85bn and operating income grew 1% to €607m. The operating income margin increased 2.5 p to 11.5%. For the first 9 months, revenues grew 6% to €15.1bn, while the operating income fell 36% to €1.6bn. The operating margin fell 4p to 9.7% and net income declined 54% to €788m. Sales were strong in Latam (+43%), Na (+44%) and APAC (+17%), but weak in Western Europe (-6%). The multimedia division saw its sales growing 10%, while the Services unit saw its sales growing 7%. Sales in Networks grew 16% as well as network services.
Ericsson reiterates its prediction of a flat market in 2009, with the consequence of cutting some 4000 jobs worldwide. The stock price grew 16% on the news.