1,200 jobs cut by Ericsson in Sweden

Ericsson, a leading telecommunications equipment supplier from Sweden, has announced plans to cut approximately 1,200 jobs in the country. This accounts for around 8.6% of its workforce in Sweden and is part of global initiatives aimed at improving the company’s cost position. The company cited a challenging mobile network market as the reason for these job cuts, predicting further volume contraction as customers remain cautious.

The telecommunications equipment industry has been facing challenges in North America with slower growth in India’s 5G rollout. Last year, Ericsson reported a heavy net loss of 26.1 billion Swedish crowns (2.3 billion euros) due to write-downs of the accounts of US company Vonage and restructuring charges. These challenges have led to the need for cost-cutting measures, including job reductions in Sweden.

Despite these difficult economic conditions, Ericsson remains committed to improving its position in the global telecommunications market. The company’s strategic initiatives aim to address the changing landscape of the mobile network industry and ensure its long-term sustainability. By making tough decisions now, Ericsson hopes to strengthen its position and remain competitive in the face of market challenges.

By Samantha Johnson

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