Ericsson first quarter lags consensus in tough market

World number one mobile telecom gear maker Ericsson reported lower-than-expected first quarter profit and sales on Friday and said the market had been tough in during the period.                            

Ericsson's operating profit, excluding joint ventures and restructuring costs, was 4.5 billion Swedish crowns ($625 million) against a forecast of 4.8 billion in a Reuters poll of analysts and 4.7 billion in the year-ago period.                                            

Sales were 45.1 billion crowns versus a forecast of 48.4 billion.