Ericsson plans 20,000 job cuts amid more losses

L.M. Ericsson Telephone Co. cut its forecast for the year and said it would slash up to 20,000 more jobs as part of further cost-cutting measures as it reported another quarterly net loss.

The Stockholm telecommunication-equipment vendor doesn’t foresee a return to profit until 2003, and expects its most important market, the mobile-systems market, to be down over 10 per cent this year as telecommunication operators worldwide continue to curb investment, it said in a statement Monday.

Ericsson in January said it would be profitable this year and estimated a smaller 0 to 10 percent decline for the mobile systems market.