Ericsson Climbs on Report of Staff Cuts of Up to 20 Percent

  • Svenska Dagbladet suggests retreat from some business lines
  • CEO Vestberg is under pressure to reduce costs as sales slip

Ericsson AB rose the most in almost a year after newspaper Svenska Dagbladet reported that the Swedish maker of mobile-phone networks plans to cut as many as 25,000 employees, or about 20 percent of its workforce, amid cutthroat competition and shrinking sales.

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