Ericsson to announce 1,000 layoffs

Telecommunications giant Ericsson is set to give notice to 1,000 employees in Sweden later on Thursday, according to news agency TT.

The proposed cutbacks are in line with restructuring plans announced in conjunction with the company’s latest quarterly report.

Despite reporting an unexpectedly strong net profit of 3.9 billion kronor ($463 million) for the fourth quarter of 2008, Ericsson announced it would cut 5,000 jobs, including 1,000 in Sweden.