Ericsson, the world leader in mobile phone network equipment, reported on Monday a 28-percent drop in third-quarter net profits, but insisted it remained largely unscathed by financial turmoil.
For the July to September period, Ericsson saw its net profit tumble to 2.8 billion kronor (281 million euros, 379 million dollars) from 4.0 billion 12 months earlier, largely due to a massive ongoing restructuring programme.
The company's sales meanwhile grew 13 percent year-on-year to 49.2 billion kronor, with the numbers growing everywhere except in Western Europe, where they were down six percent from a year earlier.
Following the announcement, Ericsson saw its stock price skyrocket 17.13 percent just 30 minutes into trading to 58.80 kronor a share, in a market up 2.55 percent on average.