Ericsson to Cut 1,550 Jobs in Sweden as Carriers Spend Less

Ericsson AB, the world’s largest maker of mobile-phone networks, said it will eliminate 1,550 positions in Sweden, two weeks after reporting a slump in profit as wireless carriers curbed spending.

The cuts, amounting to 8.7 percent of its Swedish workforce, are across the board, with the majority of the reductions at the networks division, the Stockholm-based company said today. About 1,000 of the positions slated to go are based in the Swedish capital, it said.