Ericsson Profit Plunges on Lower Demand

Updated from 2:10 a.m. EDT

STOCKHOLM (TheStreet) -- Ericsson(ERIC Quote), the Swedish telecommunications maker, said third-quarter profit fell 71% as sales of network equipment declined on lower demand.

Third-quarter earnings were 810 million Swedish kronor ($117.8 million), a decline of 71% from 2.84 billion kronor a year earlier, as it recorded restructuring charges of 2.7 billion kronor. Net income in the period was flat with the latest second quarter.

Sales in the quarter fell 5.6% to 46.4 billion kronor.

The latest third quarter also included results from Sony Ericsson, a joint venture with Sony(SNE Quote), which last week reported a quarterly loss of of 164 million euros ($245.7 million).

-- Reported by Joseph Woelfel in New York .

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