Despite reporting a solid profit in 2008, the Swedish company Ericsson announced plans to layoff up to 5,000 employees due to the recession. The firm also plans to decrease its number of consultants and temporary workers, and to restructure other aspects of the firm such as research and development. Ericsson, which manufactures wireless networking gear, is benefiting from a consumer move away from landline phones, but is enacting the cost-cutting initiatives in anticipation of a slowdown regardless. The company expects to save an annual 10 billion kronor by 2010 as a result.
See "Strong Profit, but Ericsson Plans 5,000 Job Cuts", David Jolly, The New York Times, January 20, 2009