Ericsson CEO Carl-Henric Svanberg

Job and Cost Cuts for Ericsson

Stockholm-based telecom equipment maker Ericsson announced layoffs alongside a plummet in fourth-quarter net profit on Friday.

Speaking with Swedish news agency, TT, Ericsson Chief Executive Carl-Henric Svanberg said some 4.000 jobs would be cut worldwide with 1.000 jobs lost in Sweden.

Globally, Ericsson is the world’s largest mobile network company.  Looking ahead, it predicted a flat market year and cost cuts totalling some US$630 million.

Analysts had forecast a downbeat report and cost cuts ever since October when Ericsson issued a hefty profit warning and a dire outlook for 2007.

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