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Ericsson Reports Shrinking Profits

Swedish telecommunications company Ericsson reports a smaller than expected profit for the third quarter of this year. The gains amounted to 570 million dollars as compared to 880 million for the same period of last year. The company’s chief executive, Carl Henrik Svanberg, sees two chief causes for the shrinking profits – one is the aftermath of the economic crisis and the other is worldwide competition that in his words is getting tougher.  

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