Ericsson slashes 5,000 jobs

Sony Ericsson weighs on its parent company, as more jobs are lost.

Ericsson, the telecoms equipment company and part owner of Sony Ericsson, is set to cut another 5,000 jobs.

The news came as the firm announced relatively stable results. While it posted an 11 per cent jump in annual sales, its yearly profit fell 48 per cent.

"We have had a solid performance in 2008," claimed Carl-Henric Svanberg, president and chief executive of Ericsson, in a statement.

Svanberg said that there should be little pressure from the economic downturn on the mobile network market, as traffic is growing and networks are already overloaded, but warned that the longer-term effects are harder to see. "It remains, however, difficult to more precisely predict to what extent consumer telecom spending will be affected and how operators will act," he warned.

"To date, our infrastructure business is hardly impacted at all, but it would be unreasonable to think that this would be the case also throughout 2009," he added.

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