Ericsson to axe 1500 employees

January 26, 2010 · Filed Under News by Purnima·  

Wireless equipment maker LM Ericsson AB announced on Monday the company’s plans to reduce another 1,500 employees this year after reporting a colossal 92 per cent drop in fourth-quarter profits as mobile operators slashed spending.

Ericsson reported that the company’s net profit in the October-December quarter was USD 43.4 million (314 million kronor). This was down from 3.9 billion kronor in the same quarter one year back. On the other hand the yearly profits dropped 67 per cent to USD 512 million, or 3.7 billion kronor.

For Ericsson, the quarterly sales were down by as much as 13 per cent to USD 8.1 million or 58.3 billion kronor as compared to the figures a year earlier. The sales for 2009 dropped by a per cent USD 28.6 million or 206.5 billion kronor from 208.9 billion kronor.

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