Swedish telecom equipment manufacturer, Ericsson announced its Q1 financial results recording net profits of 1.8 billion Swedish kronor (about USD 223 million) at 30 percent decline when compared to profits of 2.6 billion Swedish kronor reported last year in Q1.

Revenues increased by 12 percent to 49.6 billion Swedish kronor.

"The mobile broadband rollout in China is the largest ever in the world and is being done in record time. Deliveries are high also to India, Indonesia and Vietnam," said Ericsson.

Sales of network infrastructure are stable, and the demand for professional services is growing," said Carl-Henric Svanberg, Ericsson''s president and chief executive. The company said that the wireless market has been impacted little due to recession.