Sweden’s Ericsson (ERICY) telecoms company forecasts a grim 2009 as global sales slow down. In order to lower costs, the company has announced a reduction in its work force of 6.4%, meaning 5,000 jobs cut.

Of the 5,000 jobs that Ericsson will shed this year, 1,000 of them will be cut in Sweden where the company employs over 20,000 employees.

Even amidst an increase in their recent sales figures, the telecoms company reported a 31% drop in fourth-quarter profit.

Shares were up 13.65% to $7.50 in Wednesday morning trading.

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