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Technology Stocks : Ericsson overlook?

ERIC 9.530

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12:26 PM EST

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To: Dexter Lives On who wrote (5141)	2/17/2003 7:46:45 PM
From: Dexter Lives On	Read Replies (1) of 5390

... ``Moody's is concerned that Ericsson's revenues may continue declining by more than 30 percent through the most part of 2003,'' the ratings company said in a statement. ``A stabilization may not set in before next year. This scenario would result in a need for additional restructuring measures for Ericsson.'' The company said Friday it will fire 1,200 workers at its information technology unit, representing almost a third of the 4,000-person unit. Hellstroem said the mobile-network market may shrink by as much as 10 percent in 2003. Stockholm-based Ericsson aims to have fewer than 60,000 employees by the end of the year, down from 105,000 at the end of 2000, as sales of network equipment plunge. It's seeking to trim annual operating costs to 38 billion kronor by year-end, a 50 billion-krona cut from the beginning of 2001. quote.bloomberg.com

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