Ericsson to Cut 1,200 Jobs in Sweden Amid Market Downturn

The layoffs are part of a larger effort to reduce costs and improve efficiency in response to slowed demand for 5G equipment.

Ericsson announces layoffs of 1,200 employees in Sweden due to a challenging mobile networks market.
The layoffs are part of Ericsson's broader cost-cutting measures, including headcount reductions and increased operational efficiency.
Despite the layoffs, Ericsson continues to invest in critical technology, maintaining its leadership in 5G system development.
Ericsson's first quarter statement is expected to show a significant decline in earnings and revenue compared to the previous year.
The tech industry has seen over 50,000 layoffs since the start of the year, with Ericsson's move reflecting broader market challenges.