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1,200 jobs cut by Ericsson in Sweden

Ericsson, a Swedish telecommunications equipment supplier, announced plans to cut 1,200 jobs in Sweden. This represents around 8.6% of its workforce in the country and is part of global initiatives aimed at improving the company’s cost position. The company cited a challenging mobile network market for the decision, predicting further volume contraction as customers remain cautious. These job cuts are among several cost-cutting measures that Ericsson is taking to address market challenges and improve its financial performance.

The telecommunications equipment industry has been experiencing a slowdown in investment by telecom operators in North America and 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 the 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 Jones

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