KARUNA SHINSHO, ASIA TONIGHT: Mobile phone supplier Ericsson is preparing to cut some 12,000 jobs worldwide. As Liz George reports, the move is the latest in a series of cutbacks in the telecom industry.</s>LIZ GEORGE, CNN CORRESPONDENT (voice-over): The numbers saying it all - Nokia beating forecasts with its results, while Ericsson disappoints. But they were calling the same tune when it came to talking about the future.</s>KURT HELLSTROM, PRESIDENT, ERICSSON: What we have experienced is probably the fastest dive ever seen in our industry. As far as I can tell, not predicted by anyone.</s>GEORGE: Both firms warning of falling sales, and Ericsson announcing more job cuts in an effort to save money.</s>HELLSTROM: The efficiency program could affect up to 10,000 employees. About half of that will be outside Sweden.</s>GEORGE: Nokia, which has around 35 percent of the worldwide market share, cut its sales growth to 20 percent. The outlook for the whole industry remaining bleak. Mobile phone sales worldwide were predicted to reach 650 million this year. Now those figures have been revised sharply downward to 450 million. Liz George, CNN Financial News, London.
Ericsson Announces More Job Cuts In A Cost-Cutting Effort