Ericsson Cutting 4,000 Jobs as Profit Plunges
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The cellphone-network equipment maker said that it would cut up to 4,000 jobs, about 5.4 percent of its work force, after profit plunged 42 percent in the fourth quarter.
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As part of its effort to turn its fortunes around, wireless phone company Sprint Nextel announced today that it would "streamline its business" by cutting 4,000 jobs and closing 8 percent of its stores. The company, third among U.S. mobile phone services, has been battling against a continual loss of subscribers.
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The countryâs largest newspaper publisher said Friday that its fourth-quarter profit dropped because of a decline in broadcasting revenue and weak newspaper ad sales.
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Sprint Nextel  reported  deeper-than-expected subscriber losses on Friday and said it  would cut about 4,000 jobs, sending its shares down 19 percent  to their lowest level in more than five years.
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Ericsson, the world's largest supplier of equipment for mobile phone networks, reported fourth-quarter earnings below expectations on Friday and reduced its 2007 market growth forecast.
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Telecom equipment maker Ericsson  (ERICb.ST) reported lower-than-expected profit and announced  sweeping job cuts on Friday as the group hunkered down for what  it expects will be a flat market this year.
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NEW YORK -- AT&amp;T is cutting 7,400 additional jobs and slashing the book value of its assets by $11.4 billion, drastic moves prompted by the company&#39;s plan to retreat from the traditional consumer telephone business after a lost court battle.
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Telecom equipment group Ericsson's  (ERICb.ST) chief financial officer has stepped down in the wake  of a shock profit warning last week which caused a massive  selloff in the company's shares.
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Ericsson, the world's biggest supplier of mobile telecommunication systems, has reported a slight drop in second-quarter net profit as the acquisition of British group Marconi in 2005 continued to weigh on earnings.
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Motorola Inc. , the world's second-biggest mobile phone maker, said it expects to cut an additional 4,000 jobs, bringing the total to 7,500 this year, as it works to reduce costs to return to profit.
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Ericsson, the world's biggest producer of mobile phone networks, said market growth would slow next year, sending its share price down sharply despite reporting a big jump in third-quarter profits on Friday.
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Deutsche Bank AG posted a sharp drop in fourth-quarter profits Thursday citing restructuring charges, and announced another 3,280 job cuts.
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Sprint Nextel , the No. 3 U.S.  mobile service, said on Friday it would cut about 4,000 jobs  within the company, close 125 stores and reduce its use of  outsourced services to improve its financial performance.
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Motorola will cut an additional 4,000 jobs as the mobile phone maker tries to cope with tough global competition.
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Sprint Nextel Corp  reported  deeper than expected subscriber losses on Friday and said it  would cut about 4,000 jobs, sending its shares down 26 percent  and raising fears that an economic slowdown would take a  greater toll on the wireless industry .
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AT&amp;T Corp. (TN: Quote, Profile, Research) will cut another 7,400 jobs and reduce the value of its assets by $11.4 billion, spurred by its retreat from traditional consumer
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Wireless equipment maker LM Ericsson AB said Monday it will cut up to 400 administrative and sales jobs in Sweden, but many workers will be offered positions with staffing company Manpower Inc.