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Ericsson to Cut 7,000 jobs
May 23, 2003
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Reporting its eighth consecutive quarterly loss, the Swedish mobile phone maker LM Ericsson AB said that it would intensify its cost-cutting measures with 7,000 more layoffs to help it meet its goal of returning to profitability this year.

The company reported a loss of 4.3 billion Swedish kronor (U.S. $516 million) for the first quarter, compared to a loss of 3 billion kronor a year earlier.

Ericsson plans to reduce its work force to 52,000 from 61,000 by the end of the year and to 47,000 by the end of 2004. Since the end of 2000, Ericsson has cut almost half of its work force. Half of the new cuts will be in Sweden, the company said. The cuts will take off about 5 billion Swedish kronor off of the company's annual operating costs and 8 billion kronor off of sales expenses. (The New York Times)

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