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Ericsson (ERIC) plans to cut 1,550 staff in Sweden as it attempts to reduce costs in the face of...

Ericsson (ERIC) plans to cut 1,550 staff in Sweden as it attempts to reduce costs in the face of slowing orders and an increase in less profitable contracts, with the news coming after Ericsson's core profit slumped 42% in Q3, and after it yesterday predicted annual growth of just 3%-5% in the telecom-equipment market in 2012-15. Ericsson said it's maintaining its forecast for restructuring costs in 2012 at 4B kroners ($597M) (PR).
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