Telefonaktiebolaget L M Ericsson Class B

ERIC B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 34.00	Kkzfl	Gwlyschw

Even Amid License Disputes, Sales Growth Continues, but Higher Costs Mar Ericsson’s Third Quarter

Matthew Dolgin

Oct 21, 2022

High costs were the most discouraging component of Ericsson’s third quarter, and we expect this quarter is a harbinger for what the next year will look like. After stripping currency tailwinds from the stellar-looking sales results, revenue growth was good, especially considering the firm’s ongoing patent dispute with Apple. However, considering that Ericsson is in the sweet spot of the 5G upgrade cycle, we didn’t think organic revenue growth was overly impressive.

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