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economy

Ericsson Cuts 5000 Jobs Despite Making Profit

Published onsdag 21 januari 2009 kl 11.25

Swedish telecom giant Ericsson is reporting a profit after tax of over 460 million US dollars. Despite the profit, Ericsson continues their saving scheme and will slash 5000 jobs overall, 1000 of which in Sweden.

At the same time as the cuts are made, shareholders are to receive over 718 million dollars. According to Carl Henric Svanberg, CEO at Ericsson, there are three reasons why Ericsson have decided on the cuts. Competition in the business is very harsh, at the same time as the technical development has made it possible to have the same job done by less people. Also, the tougher economical climate looming ahead has been taken into consideration.

Mats Bergstöm, Ericsson analyst at Swedish bank Nordea, said to Swedish News Agency TT that the stock market will welcome the cuts however cruel they may seem to those affected. Ericsson shares rose sharply when Stockholm stock market opened on Wednesday morning.

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