Worldwide networking industry hit by layoffs

Gloom cast a shadow on the networking industry last week, with layoffs announced by several market leaders. Nortel Networks Corp, added to fears of an ever-worsening U.S. economy by predicting lower-than-expected first-quarter financial results and said it will lay off an additional 5,000 workers. L.M. Ericsson Telephone Co. said it aims to reduce costs by at least US$1.9 billion by the end of the year through cost-reduction measures that will include hundreds of job cuts in Sweden and the United Kingdom. Motorola Inc. said it will reduce its networks sector work force worldwide by approximately 4,000 positions across its three businesses. And Nokia Corp. said it would eliminate 300 to 400 positions in its broadband systems division.

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