Swedish wireless equipment maker Ericsson slashes 1,550 jobs in Sweden to cut costs
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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.
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Last year, Ericsson exited from handset venture Sony Ericsson to solely focus on its core business.