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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Cell phone maker Motorola Inc. said Wednesday it will cut another 4,000 jobs as part of a plan aimed at improving sagging financial and operational results.
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AT&T Corp. T.N will cut about  7,000 jobs and reduce the value of its assets by $11.4 billion  due to its retreat from traditional consumer telephone  services, the company said on Thursday.
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Newly merged telecommunications equipment maker Alcatel-Lucent has reported a slump in underlying profits last year and ramped up planned job cuts to 12,500 or 15.6 percent of its global workforce.
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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.
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BERLIN The German engineering company Siemens said Thursday that its profit fell 10 percent in the fourth quarter as costly product defects led to losses in its mobile phone and train car businesses.
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All part of the same cull Alcatel-Lucent said today that it plans to slash 400 jobs in France as part of its brutal cost-cutting strategy to axe 4,000 employees worldwide.â¦
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Wireless phone company Sprint Nextel Corp. said Friday it plans to slash 4,000 jobs and close 125 retail locations to gird itself for an expected slowdown in subscriber growth and revenue.
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The phone company reported a fourth-quarter loss of $11.1 million as it scaled back on marketing and cut other costs.
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The newspaper publisher and television station operator said fourth-quarter profit dropped 70 percent, hurt by a write-down and less political advertising revenue.
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STOCKHOLM, Sweden -- Wireless equipment maker LM Ericsson AB reported a sharp drop in fourth-quarter net profits and said Friday it would lay off around 1,000 employees in Sweden because of costs cuts.
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The chief financial officer of Swedish telecoms group Ericsson quits after he firm saw quarterly profit fall 36%.
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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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Shares of the worldâs biggest maker of mobile networks fell 24% after announcing a drop in third-quarter profit amid weaker demand for equipment in Europe and the U.S.
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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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Beleaguered Swedish telecom infrastructure group Ericsson, hit hard by a slowdown in the telecom sector, announced on Friday a 17-percent fall in 2007 net profit and the shedding of 1,000 jobs in Sweden.
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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 .