Ericsson seeks more cost cuts as slowdown bites

STOCKHOLM (Reuters) - Telecoms equipment maker Ericsson reported a 42 percent drop in core profit and promised more cost cuts to protect itself from tough competition and slowing orders. Telecom gear makers are under stress from price pressures and slower spending by the operators that are their clients, factors that Ericsson - the world's number one mobile network equipment maker - said would continue in the short term. Its shares were down 4.4 percent at 57.85 crowns at 0927 GMT (0527 EDT) against a 0.8 percent decline in the STOXX Europe 600 Technology Index. ...

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