Ericsson (ERIC) dropped in pre-market trading after reporting a decline in quarterly sales.

The company slipped 6.3% to $11.38 a share at 8:15 am EDT.

Net sales fell 8% from a year earlier to 48 billion kronor ($6.6 billion), Ericsson said in a statement.

"Operators showed a continued good demand for mobile broadband driven by smartphone and laptop usage," CEO Hans Vestberg said. "Sales were however impacted by continued industry component shortages and supply chain bottlenecks. We estimate that this had a negative impact on our sales in the quarter by SEK 3-4 b."

Net income more than doubled to 2 billion kronor, driven by a strong improvement by Sony Ericsson.

Increase your money and finance knowledge from home

Introduction to Value Investing

Are you the next Warren Buffett?

View Course »

Goal Setting

Want to succeed? Then you need goals!

View Course »

Add a Comment

*0 / 3000 Character Maximum