Fuelled by demand for 4G and 5G, Swedish firm Ericson has recorded a 10% year-on-year increase in total revenues to 54.8 billion Swedish kronor (US$5.83 billion) for its second quarter.
The increase has been attributed to demand on 4G and 5G network products, particularly in North America and across Asia.
Ericsson also recorded an improved operating margin of 6.8%, compared with 0.3% a year ago, and a net profit of SEK 1.8 billion ($192 million), compared with a net loss of the same amount a year ago.
Company CEO, Börje Ekholm, says the company is showing growth in business despite challenges and that the firm was heading in the right direction.
He was also quoted as saying: “Continued technology and market and market investments, especially in 5G, automation and AI, are fundamental for long-term competitiveness and a key part of our focused strategy to strengthen our long-term business and path to reaching our targets for 2020 and 2022.”