STOCKHOLM (AP) — Swedish wireless equipment maker LM Ericsson says it is slashing 1,550 jobs in Sweden in a bid to lower its costs, with the bulk of the reductions being made within the company's key networks unit.
The Stockholm-headquartered group, which has around 17,800 staff in Sweden and some 100,000 worldwide, said Wednesday the cuts will be made across all work areas — including sales, administration, research and development, supply and service delivery — in a move to make the company slicker and more efficient.
Last month, Ericsson reported a 43 percent drop in third-quarter net profits as the global financial slowdown caused operators to become more cautious about investing in its network infrastructure business.
Last year, Ericsson exited from handset venture Sony Ericsson to solely focus on its core business.
10mm Underwood Extreme Penetrators Vs Bulletproof Glass - Bearing Arms - 10mm, Underwood, Video
The Federalist: Smoking guns in latest Hillary e-mail release? Update: Another? - Hot Air
Nick Adams - Not a Single Illegal Immigrant in 7 Months... In Australia
Elon Musk’s Crony Capitalism under Scrutiny | Human Events
Katie Pavlich - WATCH: Sheriff David Clarke Takes on Cop Killer Advocate on CNN
President Obama, Commute Sharanda Jones' Sentence | RedState
'More playful than anything': #BlackFair participant puts 'Pigs in a blanket' chant 'in context'