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Ericsson cuts 5,000 jobs on fall in net

LM Ericsson said yesterday that it is slashing 5,000 jobs to cut costs after the Swedish company's fourth-quarter profit fell 31 percent, partly due to restructuring charges.

Ericsson's earnings were 3.9 billion kronor (US$465 million), down from 5.6 billion in the same quarter in 2007. Sales rose 23 percent to 67 billion kronor, from 54.5 billion kronor a year earlier.

Ericsson says it needs to widen its cost savings as the global financial climate continues to pressure the mobile network market. The firm is the world's leading maker of mobile broadband infrastructure.



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