Shares fall 20% at Ericsson following profit warning and news it is cutting 3,000 jobs in Sweden

The bad news keeps piling up for Ericsson. Last week the Sweden-based giant reported that it intends to cut its 16,000 Swedish workforce by 3,000 positions in production, research & development (R&D), as well as sales and administration. Yesterday the Sweden-based company gave an interim report that sales fell 14% in Q3.

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