NEWS Plummeting sales have left Ericsson languishing in losses totalling $500m for its first quarter. The Swedish mobile company also announced it is slashing 20,000 jobs globally to cut costs. In addition, it will be making a $2.9bn rights issue. First quarter figures for last year were only slightly better at $470m, but since then sales have dropped by 26 per cent. Today its share price took a hammering on the Swedish stock exchange. During morning trading it lost 24 per cent of the share value. By 11.40 (BST) it was down more than SEK8 (53p) to SKr27.20 (£1.81). The Swedish company promised cost-cutting would return it to profitability in 2003.
Ericsson posts $500m loss
Falling sales hits Swedish giant...
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