Ericsson sees profits slump 61 per cent
Saturday 25 July 2009
Ericsson, the telecoms equipment maker, saw profits plunge more than 60 per cent in the three months to June as the downturn continues to batter the industry around the world.
Carl-Henric Svanberg, the president and chief executive of Ericsson, said: "The effects of the global economic climate on the mobile infrastructure market are now more notable, especially in markets with currencies under pressure and tougher credit environment."
Ericsson posted net profits of Skr800m (£65m), down from Skr2bn in the corresponding quarter last year, as it suffered from charges following its cost cutting drive, as well as pressure at its joint ventures. The group hopes to cut Skr10bn in the second half of the year, leading to restructuring charges of Skr3.6bn. Its mobile phone handset joint venture with Sony lost €213m (£184m), and ST Ericsson, the semiconductor group with STMicroelectronics lost $213m (£130m).
- 1 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 2 Have sex with your iPad thanks to the new sex toy no-one asked for
- 3 The 'sex selfie stick' lets you FaceTime the inside of a vagina
- 4 Adam Levine's biggest fan had a panic attack upon meeting him, so the singer laid down on the floor to get a photo with him
- 5 Why you're almost certainly more like your father than your mother
Out-of-touch MPs ‘don’t get it’, says ex-Civil Service chief
Mark Zuckerberg: Facebook CEO's one simple test for who to hire
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...