Net income for its 2020 fiscal year increased from SEK1.8 billion to SEK17.6 billion as sales only increased by 2%.
Swedish telco equipment manufacturer Ericsson reported on Friday that despite revenue, its profitability was boosted over the full year to December 31 thanks to its networks division. Overall, net sales were up 2% to SEK232 billion, around $27.7 billion, with net income rocketing from SEK1.8 billion to SEK17.6 billion over the year. Ericcson said the makeup of its sales was 41% hardware,37% services, and 22% software. Broken down, sales in its networks segment was the only area to see revenue gains, as it increased 7% to SEK166 billion, while digital services decreased 6% to SEK37 billion, managed services lost 12% to SEK22.65 billion across 2020, and its emerging business segment posted a 4% revenue drop to SEK6.5 billion. In terms of operating income, networks was up 25% and contributed almost SEK31 billion, managed services saw a 32% drop to SEK1.
