Ericsson plans 20,000 job cuts amid more losses

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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.

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