©Reuters. FILE PHOTO: The Ericsson logo is displayed on the company’s headquarters in Stockholm, Sweden, January 23, 2024. TT News Agency/Henrik Montgomery via REUTERS/file Photo
COPENHAGEN (Reuters) – Sweden’s Ericsson (BS:) said on Monday it would lay off around 1,200 workers in Sweden to cut costs, citing a tough mobile network market and lower volumes this year.
After a few years of strong demand for 5G equipment, purchases by telecom providers have slowed, prompting companies such as Ericsson and Nokia (HE:) to lay off thousands of workers to save costs.
Ericsson has started negotiations with the unions, we read in a statement.
The company told Reuters in January that it may consider further cost cuts this year, including layoffs, but without giving a specific figure.