Feeds

Ericsson axes 20,000 jobs

Return to profit next year

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Ericsson is to axe 20,000 jobs over the next two years as the downturn in the mobile phone industry continues to bite.

Pre-tax losses widened to SEK5.4 billion (£360 million) in Q1 2002 from SEK4.9 billion (£330 million) during the corresponding period last year amid falling revenues.

Despite the gloom the Swedish mobile phone business claims it will return to profit some time in 2003.

Said Kurt Hellström, President and CEO of Ericsson: "As expected, this past quarter was very challenging…as many operators have recently lowered investment plans further."

Ericsson is relying on an "ongoing aggressive cost cutting" programme to reduce its cost base.

It is also looking to raise around SEK30 billion (32 billion) with a rights issue.

Looking ahead, Ericsson forecasts the global telecom equipment market, particularly wireless communications, will remain weak until well into next year, but will then return to long term growth. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.