Ericsson cuts 1,200 jobs in Sweden in challenging market

STOCKHOLM, March 27: Swedish telecoms equipment giant Ericsson said Monday it was cutting 1,200 staff in Sweden, or 8.6 percent of its Swedish workforce, as it faces a "challenging" market for mobile networks.

The company said it "expects a challenging mobile networks market in 2024, with further volume contraction  as customers remain cautious."

"In line with managing lower volumes, Ericsson today announces proposed staff reductions in Sweden," it said in a statement.Ericsson said the measure was part of global initiatives to reduce costs, including staff reductions, streamlining processes and reducing consultants, "while maintaining investments critical to Ericssons technology leadership."    —AFP