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4-Traders Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Telefonaktiebolaget LM Ericsson    ERIC B   SE0000108656

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Ericsson : Confirms 1,399 Job Cuts, SEK1.5 Billion Costs To Hit 1Q13

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03/27/2013 | 09:38am CET
    By Dominic Chopping 
 

STOCKHOLM--Swedish network equipment vendor Ericsson AB (ERIC) said Wednesday it has cut 1,399 jobs in Sweden as part of a previously announced restructuring, leading to costs of around SEK1.5 billion that will hit its first quarter results.

 
   MAIN FACTS: 

-On November 7, 2012, Ericsson informed its employees about a change in operations in Sweden, which also included reduction of positions covering all job areas.

-Ericsson in Sweden has reduced its operations by 1,399 positions by adapting the organization, in cooperation with the unions. This has resulted in 919 employees being given notice.

-The majority of the reductions are in Ericsson's Networks unit, but all parts of the organization in Sweden are to some extent affected, impacting all its Swedish sites except Falun, Hudiksvall, Kalmar and Katrineholm.

-The company originally expected to cut around 1,550 jobs.

-At 0819 GMT shares traded 0.7% higher at 81.85.

-Write to Dominic Chopping at dominic.chopping@dowjones.com; Twitter: @DowJonesNordics

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Financials ( SEK)
Sales 2016 217 870 M
EBIT 2016 12 018 M
Net income 2016 5 995 M
Finance 2016 2 976 M
Yield 2016 5,15%
P/E ratio 2016 28,17
P/E ratio 2017 22,56
EV / Sales 2016 0,75x
EV / Sales 2017 0,77x
Capitalization 166 212 M
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Mean consensus HOLD
Number of Analysts 28
Average target price 49,5  SEK
Spread / Average Target -1,0%
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NameTitle
Jan Magnus Frykhammar President & Chief Executive Officer
Leif Valdemar Johansson Chairman
Carl Mellander Chief Financial Officer
Ulf Ewaldsson Senior VP, Chief Strategy & Technology Officer
Jan Ulf Sigvar J. Johansson Independent Director
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