By seher on 2008-02-02 
Stockholm-based telecom equipment maker Ericsson announced layoffs alongside a plummet in fourth-quarter net profit on Friday.
Speaking with Swedish news agency, TT, Ericsson Chief Executive Carl-Henric Svanberg said some 4.000 jobs would be cut worldwide with 1.000 jobs lost in Sweden.
Globally, Ericsson is the world’s largest mobile network company. Looking ahead, it predicted a flat market year and cost cuts totalling some US$630 million.
Analysts had forecast a downbeat report and cost cuts ever since October when Ericsson issued a hefty profit warning and a dire outlook for 2007.
Source: By Sveriges Radio 2008
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
