Ericsson reported third-quarter sales down three percent to SEK 53 billion (€6.2bn), hit by exchange effects and a slowdown in major projects. Comparable sales excluding forex rose three percent from a year earlier.

Operating profit improved to SEK 4.2 billion from SEK 3.1 billion a year earlier, in part thanks to a shift in Europe away from low-margin upgrade projects towards capacity and LTE expansion. Net profit increased to SEK 3 billion from SEK 2.2 billion.

Ericsson said sales were “coming under some pressure”. Two major mobile broadband coverage projects in North America are slowing down and it’s nearing completion of a large project in Japan. Growth is expected to come from its new small cell products, as well as the recent expansion in IPTV with the Microsoft Mediaroom takeover.

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