Ericsson it is cutting 1,500 jobs from among its 80,000 global employees, the wireless equipment maker said Monday.
The company reported on Friday a huge downturn in fourth quarter and full-year 2009 earnings. For the quarter ended December, Ericsson saw its net earnings plummet 92 percent to 314 million million kronor ($43.4 million dollars), compared with the year-ago quarter. Sales dropped 13 percent to 58.3 billion kronor from the year-ago quarter.
For all of 2009, Ericsson's earnings were down 67 percent to 3.7 billion kronor ($512 million). Annual sales survived, though, falling only 1 … Read more