Ericsson Results Better than Expected

Telecommunications giant Ericsson has made a profit of over 841 million dollars before tax for the months of April, May and June.

The results are better than expected but Ericsson’s Chief Executive Carl-Henric Svanberg isn’t happy. Speaking to Swedish Radio, he explained that profits are halved compared to the same period last year.

Ericsson recently announced drastic cost-cutting measures which include cutting 1000 jobs in Sweden. Ericsson needs to tighten its pursestrings to the tune of 600 million dollars a year.