Telenor cuts 400 jobs in Sweden

Norwegian telecom operator Telenor will cut 400 jobs in Sweden out of a total of 2,400 employees because of disappointing sales, the company's Swedish subsidiary said in a statement.

"Despite our major efforts, revenues have not increased at the desired rate. We now have significantly higher prices than our rivals and this is untenable long-term," said Lars-Aake Norling, head of Telenor Sweden.

Telenor saw its net profits fall by two-thirds in the Q1 because of the economic crisis, hit particularly hard in Russia and Ukraine.