Ericsson Eliminates 5,000 Jobs, Due to Weak Handset Sales
LM Ericsson ((NasdaqGS: ERIC)) According to Carl-Henric Svanberg, President and CEO of Ericsson, "We have had a solid performance in 2008," however, despite these statements from the companies Q4 press release and with an overall company growth of 11%, the company announced the elimination of 5,000 jobs. The eliminations were attributed to a restructuring charge and "a dramatic drop" in the contribution from its handset unit, Sony Ericsson.
