Why LM Ericsson Stock Jumped on Friday
Shares of LM Ericsson (NASDAQ: ERIC) soared on Friday. The Swedish telecommunications infrastructure expert's stock rose as much as 14.2% thanks to a strong second-quarter earnings report. Ericsson cooled down slightly to a 13% gain as of 12:40 p.m. EDT today.
Ericsson's sales were flat year over year in local currencies. Converted to U.S. dollars, revenue fell 2% to $5.74 billion; the Wall Street consensus pointed to approximately $5.6 billion. Earnings landed at $0.08 per share, up from $0.06 in the year-ago period and just above analysts' expectations of $0.07.
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Source Fool.com
