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).
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
- 2 Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...