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Ericsson shares plummet after it warns on profit and outlook

STOCKHOLM (AP) — Mobile networks company Ericsson saw its share price plummet by almost a fifth on Wednesday after saying that its third quarter earnings this year will be "significantly lower" than expectations and it predicts no improvement anytime soon. Last week, Ericsson announced 3,000 job cuts in Sweden, or nearly 20 percent of its local workforce, and said it will downsize operations at several plants as part of its global plan to cut costs by 9 billion kronor ($1 billion) in 2017.
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