爱立信Q3营收与EPS双超预期，但利润率大幅下滑且展望偏弱，盘前小幅下跌

Telefonaktiebolaget LM Ericsson ( ERIC ): Q3 GAAP EPS of SEK1.77 beats by SEK0.22 . Revenue of SEK59.5B (+5.9% Y/Y) beats by SEK4.17B . Adjusted1 gross margin was 47.7% (48.1%). Adjusted1 EBITA was SEK 10.1 (15.8) b. with a 17.0% (28.1%) margin. Excluding the prior-year period capital gain of SEK 7.6 b., adjusted EBITA increased. Free cash flow before M&A was SEK 4.9 (6.6)B. Capital returns to shareholders were SEK 4.8 b. of share repurchases. "Today, we also announced a simplification of our operating structure that will strengthen our customer focus and drive further efficiencies over time. It will enable us to move faster, improve accountability and better support our customers in a changing market. " "Looking ahead, the RAN market is flat, geopolitical uncertainty remains elevated and component costs are a headwind to gross margin next year. " Outlook: Dell’Oro estimates that the global RAN equipment market will remain stable in 2026. Source: Dell’Oro Mobile RAN Quarterly Report Q126, May 2026. Segments" Increased uncertainty remains in the outlook and in the broader macroeconomic and geopolitical environment. The Q4 2026 outlook assumes currency rates of USD:SEK 10.0, EUR:SEK 11.3. Networks Sales growth in Q4 2026 is expected to be broadly similar to 3-year average seasonality. Adjusted gross margin in Q4 2026 is expected to be in the range of 49% to 51%. Cloud Software and Services Sales growth in Q4 2026 is expected to be broadly similar to 3-year average seasonality. Amortization of intangible assets is expected to be around SEK -0.4 b. per quarter in segment Enterprise. Restructuring charges for 2026 are expected to be at elevated levels.