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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read We should have been safe with Sony, say gamers 8:27am EDT Royal wedding snapshots: Naked Kate, but no glitter balls 9:48am EDT UPDATE 1-Q+A-What's going on at Japan's damaged nuclear power plant? 8:30am EDT Lindsay Lohan makes clean breast of things for Leno | 5:58am EDT Indian guru Sai Baba buried in state funeral, thousands grieve 2:54am EDT Discussed 147 Texas governor calls for prayers for rain 138 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 Thousands at Sai Baba funeral 6:36am EDT Ericsson 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 but said it would take until the third quarter to resolve Japan quake supply... Email Print Related News Ericsson Q1 profit surges on mobile broadband demand 6:01am EDT Amazon, spending aggressively, expects rosy revenue Tue, Apr 26 2011 Ford posts best first-quarter profit in 13 years Tue, Apr 26 2011 Auto production faces bigger hit after Japan quake Mon, Apr 25 2011 iPhone helps Verizon, but not enough for some Thu, Apr 21 2011 Analysis & Opinion Tech wrap: Sony admits PlayStation Network privacy breach Oil price Viagra is losing its effect on Big Oil Related Topics Technology » Media » Stocks By Simon Johnson STOCKHOLM | Wed Apr 27, 2011 10:25am EDT STOCKHOLM (Reuters) - Telecoms gear maker Ericsson blasted past first-quarter core profit expectations thanks to surging mobile broadband sales but said it would take until the third quarter to resolve Japan quake supply problems. Ericsson's shares jumped more than 10 percent to their highest since last July, as sales soared on the back of a recovering tech gear market and cost cuts offset currency headwinds and margin pressure from competition. Ericsson said growth had been particularly strong in the United States, India, Japan, Korea, Russia and China. The only area of concern was the effect of March's earthquake in Japan. While it had no impact on the first quarter, Ericsson said it would be toward the end of September before supply chain problems had been fully dealt with. "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." Ericsson's shares were up 10.1 percent to 88.60 crowns at 9:26 a.m. EDT, easily outpacing a slight rise in both the Stockholm blue-chip market and European tech stocks. The company said it had taken measures to meet a component shortage following March's earthquake in Japan but there would be some impact. "We have done a lot of mitigating actions -- everything from redesign, second source, even buying from spot markets," CEO Hans Vestberg said. "However, our best estimate right now is that certain products will have a delay. We believe that ... by the end of the third quarter we will be back to normal." He would not say which products were affected nor what the impact on the coming quarters would be. Nokia, 50 percent parent to Ericsson rival Nokia Siemens Networks said last week it expected the worst effects from supply chain problems in the second quarter. After slumping in the global downturn, the tech gear market began to pick up in the second half of last year as operators boosted spending to meet skyrocketing data traffic from smartphones, tablet computers and mobile Internet users. For Ericsson, growth accelerated in the first three months of 2011 with sales up 35 percent at Ericsson's key network unit. The firm said mobile broadband growth was now compensating for the long-term decline in technology for voice services. Volume effects, a favorable business mix and efficiency gains helped boost the margins in networks -- which accounted for more than 60 percent of sales in the quarter. This helped keep the group's gross margin flat at 38.5 percent against an analysts' expectation of a slight decline. The company said that the strong trend in mobile broadband would continue, but Vestberg declined to be drawn on whether the gross margin was at a sustainable level, given increasing proportions of less profitable business, such as modernization in Europe and 3G roll-out in India. 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 a forecast of 5.0 billion. Group sales were 53 billion crowns, versus a forecast of 49 billion in a Reuters poll. Prospects look encouraging too. While Ericsson does not give guidance, its 2011 executive bonus plan has targets of 4-10 percent annual net sales growth and 5-15 percent in operating income up to 2013. (Additional reporting by Sandra Jansson, Tarmo Virki, Adam Cox, Olof Swahnberg, Christofer Jungstedt, Johan Ahlander and Elinor Schang) (Editing by Louise Heavens, Erica Billingham and Jane Merriman) Technology Media 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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