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"Ericsson shares jump 17 pct with 1Q losses less than thought"

What a catchy headline. Sure to grab your attention and make you click the link and go to the Spin Doctor's website, adding to their ad revenues.

But wait, the true story is more like this:

STOCKHOLM, Sweden (AP) -- Shares in wireless equipment maker LM Ericsson surged nearly 17 percent Friday after the Swedish company surprised investors with better-than-expected results in the first quarter, despite a 55 percent drop in earnings.

Net profit in the first three months of 2008 was to 2.7 billion kronor ($460 million), compared with 5.8 billion kronor a year ago.

Sales rose to 44 billion kronor ($7.4 billion), from 42 billion kronor in the year-ago quarter.

No losses, but depressed margins and less earnings combined with a more positive outlook.

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