Ericsson, one of the biggest telecoms companies in the world, has reported its second quarter results with profits down 70% on year.

Net income for the Sweden-based company - the biggest supplier of wireless networks in the world - fell to 1.9 billion crowns (£160 million) compared to 6.4 million crowns for the second quarter of 2007.

The news comes less than a week after the handset unit of the company, Sony Ericsson, reported second quarter pre-tax profits of just €8 million, compared to €327 million a year earlier.

Following the falling profits Sony Ericsson has announced plans to axe 2,000 jobs around the world in a bid to cut costs. Read Full Story Sweden-based company Ericsson Q2 profits fall 70%