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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A predicted slowdown in future market growth has taken the shine off Ericsson AB&#39;s (Nasdaq: ERICY - message board) impressive third quarter results today, sending its share price spiraling down (see Ericsson Ups Q3 Profit).
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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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Newly-merged telecoms firm Alcatel-Lucent is to cut 12,500 jobs in three years as profits are halved.
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US wireless telecommunications firm Sprint Nextel announced it was cutting 4,000 jobs Friday, saying it anticipated "downward pressure" on its profits in the coming year.
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Sprint Nextel , the No. 3 U.S.  mobile service, said on Friday it will cut about 4,000 jobs and  close about 8 percent of its stores, predicting further  pressure on its ability to attract subscribers and turn a  profit in 2008.
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TORONTO - Royal Bank said Tuesday the cost of eliminating 1,660 jobs pushed its fourth-quarter earnings down 31 per cent to $518 million.
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Fourth-quarter profit plunged on costs from acquisitions and job cuts in Europe, sending shares down.
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STOCKHOLM, Sweden -- LM Ericsson shares plunged nearly 24 percent Tuesday as the wireless network company unexpectedly cut its third-quarter forecast, the latest cell phone technology company to feel the pinch of slowing sales worldwide.
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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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Motorola Inc. , the world&#39;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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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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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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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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Telecom equipment maker Ericsson  (ERICb.ST) reported on Friday lower-than-expected operating  profit of 7.6 billion Swedish crowns ($1.20 billion) in the  fourth quarter and announced major cost cuts.
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Fourth-quarter profit fell 8 percent on declining advertising sales at the companyâs newspapers and television stations.
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Ericsson AB, the biggest maker of mobile-phone networks, reported a fourth straight quarterly profit, helped by cost cuts and equipment demand.