Ericsson reported shaky financial results for 1998 and said profit was likely to struggle for the first six months of 1999.
The Swedish telecomms giant reported that net profit for the fourth quarter of 1998 ended 31 December was down 15 per cent from Q4 1997 to 5.97 billion Swedish krona (#466 million).
Sales for the fourth quarter of 1998 rose seven per cent from 55.12 billion Krona (#4.3 billion) in Q4 1997 to 59.04 billion krona (#4.06 billion).
Ericsson recently said it would be massively restructuring its business in a bid to improve its financial performance. The restructuring will involve 11,000 job cuts over the next two years.
In 1999, Ericsson said its profit would continue to suffer. This is due to the financial uncertainty in a number of markets, the cost of research and development, and the impact of new phones planned for Q2, the company said in a statement.
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