Ericsson shares plunged 24% Monday after the wireless equipment maker unexpectedly announced it was shedding up to 17,000 more jobs, about 20% of its work force.

Chairman: "It's very much a matter of trying to sweat it out, trying to survive a very hard recession in this industry."

An economist: "We still haven't seen anything from the 3G market yet. It's affecting every company in the telecom market."

CEO: cuts primarily in development activities worldwide. ... Ericsson expects wireless industry sales to be down more than 10% this year.