Wireless equipment maker LM Ericsson says it is slashing 5,000 jobs to cut costs, according to AP. Wednesday's announcement came as the Swedish company posted a 31 percent drop in fourth-quarter profits, partly due to restructuring charges. Ericsson's earnings were 3.9 billion kronor ($465 million), down from 5.6 billion in the same quarter in 2007. Sales rose 23 percent to 67 billion kronor, from 54.5 billion kronor a year earlier. Ericsson says it needs to widen its cost savings as the global financial climate continues to pressure the mobile network market. The Stockholm-based company is the world's leading maker of mobile broadband infrastructure.
