Ericsson to cut 5,000 jobs

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The announcement came as the Swedish company posted a 31% drop in fourth-quarter profits, partly due to restructuring charges.

Ericsson's earnings were 3.9 billion kronor (£335 million), down from 5.6 billion in the same quarter in 2007.

Sales rose 23% to 67 billion kronor, from 54.5 billion kronor a year earlier.

Ericsson said it needed to widen its cost savings as the global financial climate continued to pressure the mobile network market. The Stockholm-based company is the world's leading maker of mobile broadband infrastructure.

Meanwhile, a fresh jobs blow was delivered to British industry ahead of new unemployment figures set to show another huge jump in the number of people out of work.

Electronic components firm TT electronics said it would axe 700 jobs this year from its global operations, including the UK, although there was no immediate breakdown of how many would be cut in this country.

The firm, based in Weybridge in Surrey, employs about 7,000 workers globally and has sites in a number of areas across the UK.

It announced that it had already cut almost 600 jobs in 2008, saying that trading conditions remained "very difficult".