Ericsson posts $364,297,686 net income for Q3

Swedish telecom company Ericsson, which follows the January-December financial year, said on Friday it posted a net income of Swedish kroner 3.1 billion ($364,297,686) for the third quarter, a rise of 19 percent from the same period last year.

The company's operating income rose by 39 percent to 5.1 billion kroner in the quarter from 3.9 billion kroner in Q3.

However, the net sales growth saw marginal growth from 57.6 billion kroner to 59.2 billion kroner in the quarter under review.

Ericsson reported lower sales in networks which was partly offset by sales growth in professional services, the company said in a statement.

Networks sales was impacted by slowdown in 4G deployments in mainland China, the statement added.

But India emerged as the highest growing region for Ericsson, 81 percent over last year and 19 percent over last quarter.

Net sales in India grew by 97 percent from January to September 2015, and in Q3, India alone contributed six percent to the overall sales and continues to be the top third country for Ericsson, the statement added.

For Ericsson, India closed the gap with China which contributed seven percent in Q3 2015.