Ericsson to lay off 1.2K employees

Ericsson announced on Monday that it will lay off approximately 1,200 employees in Sweden as part of cost-cutting measures due to challenges in the mobile networks market and lower volumes expected in 2024, Reuters reported on Monday.

The company cited a slowdown in 5G equipment demand from telecom providers as a reason for the layoffs.

Moreover, Ericsson anticipates a tough market in 2024, saying it would focus on increasing operational efficiency. The company has started negotiations with unions.

In January, Ericsson mentioned the possibility of additional cost-cutting measures, including layoffs.