Fighter jet maker Saab pops 12% on profit beat amid European defense splurge

• Saab's profit beat comes against a backdrop of improved European spending appetite for defense purchases.

Shares of Swedish defense giant Saab jumped on Friday morning, after the company reported stronger-than-expected profit and sales growth for the second quarter.

Shares were last seen trading 12.16% higher at 3:53 E.T.

Saab's operating income for the second quarter came in at 1.98 billion Swedish kronor ($200 million), marking a 49% year-on-year jump and a beat on the 1.71 billion krona expected by analysts polled by LSEG.

Quarterly sales rose by a better-than-expected 30% year-on-year.