Ericsson Sees Weaker Sales and Orders

Telecom equipment maker Ericsson said its sales and orders would fall in the July-September quarter, sending its share price plunging to 10-year lows. But the Swedish firm stood by its forecast of mobile network sales falling more than 15% this year and stabilizing next year.

Ericsson also said it would lay off more than 1,000 employees at two Swedish plants.