Ericsson Q1 Net Profit Plummets 79%

Ericsson Q1 net profit fell 79% YoY to SEK 887 million, driven by SEK 3.8 billion restructuring charges.
Net sales dropped 10% to SEK 49.3 billion, offset by a SEK 7.8 billion currency headwind and 6% organic growth.
Adjusted EBITA fell 20% to SEK 5.6 billion (margin 11.3%), while reported EBITA plunged 73% to SEK 1.8 billion.
Free cash flow more than doubled to SEK 5.9 billion, net cash rose to SEK 68.1 billion and a SEK 15 billion share buyback was announced.