21 January 2009
Swedish kit maker Ericsson actually performed better than expected, despite the fact that full year net income plummeted some 48 per cent to SEK11.3bn. Earnings in the fourth quarter of 2008 took a negative hit of 31 per cent, dropping to SEK3.9bn.
Unfortunately there was bad news to come, with a raft of cost reductions resulting in a loss of 5,000 jobs. Many of these will be consultants and other temporary staff, as well as the consolidation of some R&D sites. Ericsson said about 1,000 of these job cuts would be in Sweden, primarily in Stockholm.
http://www.telecoms.com/itmgcontent/tcoms/news/articles/20017610312.html
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