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Ericsson to lay off 1,200 people in Sweden



© 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.

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