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Ericsson announced a 70 percent collapse in net profits for the second quarter on Tuesday and a two-thirds fall in operating margins. And it warned of a weak 2008 outlook, sending its stock plunging. The group said it had been hit by the slowdown in Western Europe, weakness of the dollar and restructuring charges. The Ericsson shares fell abruptly, shedding 9.05 percent to about $11.44 in midday trading in a market down by 3.26 percent to 857.75 points. Net profit fell to about $318 million from about $1 billion in the same period of last year.

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Ericsson Shares Nosedive on Plunging Profits

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