Ericsson's $ERIC Q2 Earnings Beat Expectations Despite 7% Sales Decline, Shares Jump 8.6%

Ericsson reported a 7% decline in second-quarter sales, surpassing analysts' expectations. The Swedish telecom company attributed the better-than-expected earnings to cost-cutting measures amid a challenging market environment. Following the earnings report, Ericsson's shares jumped 8.6%, contributing to the STOXX 600 index reaching its highest level since June 12. Additionally, Ericsson issued guidance for future performance. The company's stock, $ERIC, was up 2.0% pre-market.