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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Profit fell 94 percent in the third quarter as sales fell in the companyâs cell phone business, but it forecast better-than-expected fourth-quarter results.
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Mobile phone maker Sony Ericsson is set to report a drop in fourth-quarter earnings on Wednesday as its focus on lower-priced phones puts pressure on margins, analysts say.
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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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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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Shares of Sprint dropped 25 percent after the company said that it planned to lay off 4,000 workers and close stores to trim costs as its customer base shrinks.
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NEW YORK -- AT&amp;T Corp. is cutting 7,400 more jobs and slashing the book value of its assets by $11.4 billion, drastic moves prompted by the company's plan to retreat from the traditional consumer telephone business.
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AT&T Corp. T.N will cut another  7,400 jobs and reduce the value of its assets by $11.4 billion,  spurred by its retreat from traditional consumer telephone  services, the company said on Thursday.
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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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Ericsson, the world&#39;s largest maker of mobile phone networks, posted a quarterly profit on Friday, but reported disappointing new orders and offered a subdued outlook for 2005.
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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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Fourth-quarter profit plunged on costs from acquisitions and job cuts in Europe, sending shares down.
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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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The announcement comes after Sprint last week reported deeper-than-expected customer losses for the fourth quarter and said it would cut about 4,000 jobs in a bid to reduce costs.
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Mobile phone maker Sony Ericsson said fourth-quarter profit fell almost 17 percent as higher costs more than offset the effect of a rise in shipments.
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Shares of Swedish company Ericsson  ERICY.O fell 6.8 percent before the bell Friday after the  world's biggest producer of mobile phone networks reported a  big jump in third-quarter profits but said market growth would  slow next year.
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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 .