Ericsson (ERICY) was down 8.3% in preopen Island trading in the wake of disappointing first-quarter results. The mobile phone maker posted a loss Friday that exceeded expectations, and announced another 10,000 job cuts, bringing the total number of jobs eliminated to 22,000.

The

Wall Street Journal

reported today that Ericsson's board has formed a crisis panel to monitor restructuring.

TheStreet Recommends

Credit Suisse First Boston

this morning reduced its 2001 estimates for Ericsson to a loss of 0.63 euros per share from a profit of 0.75 euros.