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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Deadlock in Libya exposes international rifts 26 Apr 2011 Lindsay Lohan makes clean breast of things for Leno | 1:50am EDT Guidelines help prevent heart attack deaths 26 Apr 2011 Sony Playstation suffers massive data breach; firm criticized 3:17am EDT Sony PlayStation suffers massive data breach 26 Apr 2011 Discussed 146 Texas governor calls for prayers for rain 136 Obama sees no magic bullet to push down gas prices 66 U.S. sends drones to Libya as battle rages for Misrata Watched Lohan on Leno, Cole on "X Factor" Tue, Apr 26 2011 Tornado caught on security camera video Tue, Apr 26 2011 Waiting for Bernanke 2:59am EDT Ericsson Q1 profit surges on mobile broadband demand Tweet Share this By Simon Johnson STOCKHOLM (Reuters) - Telecoms gear maker Ericsson blasted past first-quarter core profit expectations thanks to surging mobile broadband sales and hopes to resolve Japan quake supply problems later this year. The tech gear market... Email Print Related News Ericsson set to gain from tech gear rebound Tue, Apr 26 2011 PREVIEW-Nordic banks set for upbeat Q1, fanning buyback hopes Tue, Apr 26 2011 Putin to talk trade, technology in Sweden, Denmark Mon, Apr 25 2011 Nokia sees weaker times after strong first quarter Thu, Apr 21 2011 Nokia Siemens surprises with small Q1 profit Thu, Apr 21 2011 Related Topics Technology » Japan » Stocks By Simon Johnson STOCKHOLM | Wed Apr 27, 2011 3:11am EDT STOCKHOLM (Reuters) - Telecoms gear maker Ericsson blasted past first-quarter core profit expectations thanks to surging mobile broadband sales and hopes to resolve Japan quake supply problems later this year. The tech gear market is recovering after a sharp downturn and despite currency headwinds and fierce competition, most of the sales growth has dropped to the bottom line for Ericsson, thanks to cost cuts. Sales picked up in the second half of last year and took off in the first quarter, up 17 percent overall and rising 35 percent at Ericsson's key network unit. Ericsson said growth had been particularly strong in the United States, Ericsson biggest market over the last year, India, Japan, Korea, Russia and China. "It was an extremely strong report. The network side is coming through fantastically and the whole of Ericsson is getting (sales) growth of 17 percent now," said Greger Johansson, analyst at Redeye. "Even the gross margin and as a consequence the profit is better than expected. This is definitely going to give the shares some momentum. Up to 85-90 crowns, I would expect," he said before the market opened. Ericsson shares were up 7.4 percent at 0805 GMT to 86.4 crowns on Wednesday. Ericsson managed to increase its margin in networks -- which accounted for more than 60 percent of sales in the quarter -- thanks to volume effects, a favorable business mix and efficiency gains. The strong performance in networks meant that an expected squeeze in the company's gross margin -- which was flat year on year -- failed to materialize. The world's biggest mobile network gear maker posted earnings before interest and tax excluding joint ventures of 6.3 billion crowns ($1.03 billion) versus an average forecast of 5.0 billion in a Reuters poll. From the first quarter, Ericsson reports headline profit including restructuring charges. Group sales were 53 billion crowns, versus a forecast of 49 billion in a Reuters poll. "The increase in Group sales was driven by segment Networks where revenues grew 35 percent year-over-year with an EBITA margin of 20," the company said. Ericsson said that March's earthquake in Japan had had no impact on the first quarter. However, it said that it expected delays to the supply of some components, raising worries some concerns about the financial impact in the second quarter impact. The company said it continued to work on alternatives and said it hoped to have ironed out the problems by the end of the third quarter. ($1=6.102 Swedish Crown) (Editing by Louise Heavens and Erica Billingham) Technology Japan Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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