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Ericsson to cut jobs as profit drops

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Ericsson to cut jobs as profit drops

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Swedish telecom equipment maker Ericsson has announced its fourth quarter profits dropped 31 percent.

Ericsson also said it would slash 5,000 jobs and plans more savings on top of an already costly restructuring. The fourth-quarter report was released a week early because it was better than the market had been expecting, but analysts pointed out Ericsson has failed to give a specific business outlook for this year.