Ericsson reports massive Q3 losses

Ericsson has reported a wider than expected pre-tax loss for its 3rd quarter.

The company said that sales of equipment for mobile networks would fall 20% in 2002 and are likely to fall further in 2003.

Ericsson itself saw a 50% fall in orders during the quarter.

Third quarter net loss was SKR.5bn (€ 547.3m), up from SKR3.96bn last year.

Ericsson is the world's largest manufacturer of equipment for mobile telephone networks and this sector has been particularly badly hit this year.

In Ireland, Ericsson is one of the largest employers, out of all the multinational technology companies here.

At one time employing 2,300 people here this number has gradually been reduced to around 1,500 and it is expected that further jobs will go shortly.