L.M Ericsson Telephone Company unexpectedly announced on Tuesday that it is laying off almost 1,000 employees in its native Sweden due to a 74% drop in net profits one quarter back. Ericsson is reportedly closing operations in the town of Gävle, a design and manufacturing facility that employs 856 people. They’re also slashing almost 9% of the workforce in the Borås facility, laying off 90 of the 1,037 employees. It is not surprising that much of this loss is attributed to falling sales with its joint venture with Sony. With software problems plaguing Sony Ericsson’s flagship Satio and both the upcoming Sony Ericsson X2 and X10 reportedly not slated for launch until 2010, things might be looking worse before they look better.Read
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