Ericsson AB (ERIC), the Sweden-based telecom equipment maker, is cutting 5,000 jobs because it expects fewer telco orders over the next few years.
The company announced its fourth-quarter 2008 earnings on Wednesday, a week earlier than scheduled, along with the additional layoffs. Ericsson already eliminated 4,000 positions last year.
Ericsson is the world’s largest manufacturer of telecom equipment. Its net income plummeted to $717 million in the fourth quarter, a 31 percent drop.
Its joint venture with Sony isn’t faring well either. Last week, Sony Ericsson said it lost $247 million in its fourth quarter.
