Telecom giant Ericsson exceeded market expectations with an operating profit of SEK 3.9 billion during the second quarter of the year, compared with SEK 3.7 billion in the corresponding period last year.

- We have a good resilience to the pandemic. It is a horrible world where many are negatively affected, but at the same time the need for connection is very great, says CEO Börje Ekholm to TT.

The profit was higher than market expectations of SEK 3.36 billion and the share rose by as much as 10.5 percent on the Stockholm Stock Exchange.

Another stock market rocket is the snus manufacturer Swedish Match, whose share has climbed 9.2 percent since the snus manufacturer's profit, the corona crisis landed at an unexpectedly high SEK 1,582 million.

Telia has had a tough year and the company reports a loss of SEK 1,873 million for the second quarter, compared with a profit of SEK 2,148 million in 2019. The share is nevertheless up 1.4 percent.

Volvo wins despite loss

The truck manufacturer AB Volvo turned a profit into a loss during April to June. The loss amounted to SEK 90 million, compared with a profit of SEK 14.6 billion in fjoi.

However, the result was slightly better than market expectations of a loss of SEK 149 million and the share rising 1.1 percent.

Large credit losses for the banks

The major bank Nordea made a profit for the second quarter of the year fell to EUR 306 million, compared with a profit of EUR 900 million in the corresponding period last year.

A large part of the loss of profit is due to credit losses of almost EUR 700 million, and then mainly provisions for feared credit losses, which have not yet been realized. On the income side, net interest income rose, what the bank earns on the difference between deposit and lending rates and the share climbs 2.4 percent.

Swedbank's results are also burdened by credit losses. Profit fell to SEK 5,998 million during the quarter, compared with SEK 6,552 million last year. But Swedbank's share also rises, 4.8 percent, after net interest income surprised positively.

Scandic's market capitalization halved

The hotel chain Scandic is one of today's big losers on the stock market. The share falls 8.3 percent after a break-even loss of SEK 1,485 million, compared with a profit of SEK 226 million last year. The market capitalization has thus more than halved since the turn of the year.