Ericsson Cuts 5000 Jobs

It seems like nobody is enjoying the current global economic crisis. Ericsson has officially announced that it intends to cut 5,000 jobs worldwide, with 1,000 of them in Stockholm, amounting to about 6% of Ericsson’s 79,000 employees. The supposed reason behind this is that there has been a dramatic drop in contributions from its Sony Ericsson counterpart.