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