STOCKHOLM (

TheStreet

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Ericsson

(ERIC) - Get Report

, the Swedish telecommunications equipment maker, said fourth-quarter earnings soared as sales jumped 8%.

Ericsson earned 4.32 billion kronor ($658.4 million) vs. 314 million kronor a year earlier. Revenue rose to 62.78 billion kronor from 58.3 billion kronor a year earlier, attributable largely to stronger mobile broadband sales and investments in 2G expansions in China.

Ericsson CEO Hans Vestberg, in a statement, said "2010 marks the first year of 4G/LTE and we have established a clear lead in this area. Our strategy to strengthen our position in key markets such as the U.S. and Korea as well as increased footprint in the ongoing network modernization has also been successful during the year."

Vestberg said mobile broadband subscriptions in 2010 increased 30% to about 500 million, which still only represents about 10% of total mobile subscriptions.

"We expect the strong uptake for mobile broadband to continue in 2011, with number of mobile broadband subscriptions expected to double and hit 1 billion already this year," he said.

-- Written by Joseph Woelfel

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