Swedish telecom company Ericsson posted better-than-expected fourth quarter earnings, up 23 percent from the September quarter and 11 percent year-over-year. Unfortunately, the company posted a 31 percent net loss due to restructuring costs and its partnership with handset maker Sony Ericsson. As a result the Stockholm-based company will cut 5000 jobs including layoffs and shedding its number of consultants and temporary staff. The restructuring is expected to save the company US$1.2 billion in 2009, says the company.
via cnn