Ericsson posted a 36 percent drop in third quarter profit, which fell to $614.6 million. Operating profit also fell 36 percent while revenue rose 5 percent. Ericsson announced that outgoing CFO Karl-Henrik Sundstroem asked the board to let him step down, but gave no further information about his situation. Hans Vestberg is Ericsson's new CFO, effective today. Vestberg is head of Ericsson's global services unit, too, and will keep that position until a replacement is found.
For more on Ericsson's Q3:
- read this article from the WSJ