In the third quarter of this year Ericsson posted a net loss of SEK 3.9 billion (EUR 431 million), versus a loss of SEK 5.0 billion a year earlier. Adjusted operating income was SEK 1.3 billion compared to a loss of SEK 0.2 billion the previous quarter. Adjusted income after financial items was SEK 1.0 billion compared to a loss of SEK0.2 billion in the second quarter and a loss of SEK 3.6 billion in the same quarter last year. Ericsson said that sales in the third quarter grew 2% sequentially to SEK 28.0 billion but declined 16% year-over-year. President and Chief Executive Carl-Henric Svanberg said: "Ericsson is back to profit, which is an important milestone, but a lot still remains to be done before we reach good profitability. We are targeting an operating expenses run rate of SEK33 billion by Q3 2004 and will continue to focus on cost and operational excellence."
