Thursday, January 22, 2009

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Ericsson Plans 5,000 Job Cuts worldwide

Swedish telecoms equipment giant Ericsson AB on Wednesday posted a 31% drop in fourth-quarter profit as restructuring charges and losses at its mobile phone venture took a toll on the bottom line, but its sales rose at a time when many competitors are struggling for survival.

Ericsson (ERICY) also unveiled plans to deepen its restructuring and eliminate about 5,000 additional jobs as it prepares to cope with a sharp fall in demand for telecoms equipment. The measures will cost 6 billion to 7 billion kronor and lead to annual savings of 10 billion kronor by the second half of 2010.


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