© Reuters. FILE PHOTO: Ericsson logo is displayed on the company’s headquarters building in Stockholm, Sweden, January 23, 2024. TT News Agency/Henrik Montgomery via REUTERS/File Photo
COPENHAGEN (Reuters) – Sweden’s Ericsson (BS:) on Monday said it would lay off about 1,200 employees in Sweden as a way of cutting costs, citing a challenging mobile networks market and lower volumes this year.
After a few years of high demand for 5G equipment, buying by telecom providers has slowed, prompting firms such as Ericsson and Nokia (HE:) to lay off thousands of employees to save costs.
Ericsson has begun negotiations with unions, it said in a statement.
The company had told Reuters in January it could look at further cost cuts this year including layoffs but without giving a specific number.
