Ericsson Q4 net profit down on slow demand

(MENAFN) Ericsson said its net profit dropped by over a third in the October-December period, dragging down by falling demand in its key market North America, The Peninsula Qatar reported.

The Swedish telecoms giant's said its profits declined by 35 percent, reaching USD503 million in the fourth-quarter period of 2014 as currency hedge losses further eroded earnings.

Net profit for the full year decreased 4 percent to USD1.39 billion. The group said demand slowed particularly towards the end of the year in North America, where telecom operators invested at a slower pace.

In the fourth-quarter alone, the group's sales increased by 1 percent to USD8.16 billion, despite a slump of 2 percent in the annual sales from 2013 adjusted for comparable units and currency.