Ericsson to cut 1,200 jobs in Sweden
The Swedish telecom company has announced that it will lay off about 1,200 employees in Sweden as the company looks to cut costs.
As previously stated by the company, Ericsson expects a challenging mobile networks market in 2024, with further volume contraction as customers remain cautious.
To face these lower volumes, Ericsson is looking to reduce its workforce in Sweden. This measure is part of global initiatives to improve the cost position, including headcount reductions while maintaining investments critical to the company's technology leadership, the company states in a press release.
At the same, Ericsson says that initiatives to increase operational efficiency will continue during the year, but does not provide any further details regarding these.
In addition to the headcount reduction, the cost saving initiatives cover various areas such as reduction of consultants, streamlining of processes, and reduced facilities. While doing this, Ericsson will keep executing on its strategy to achieve a higher growth trajectory.
Ericsson has initiated negotiations with the unions and is expecting a headcount reduction of approximately 1,200 employees in Sweden.
