Ericsson to slash 1,200 Swedish jobs in bid to cut costs amid lower sales

Ericsson AB, one of the world’s biggest providers of 5G networking equipment, said it will cut 1,200 jobs in Sweden, reducing costs as it faces lower sales from mobile providers.

The company also plans to cut costs separately by eliminating facilities and the use of consultants and will streamline processes, it said in a statement on Monday. The company said it’s in negotiations with unions over the cuts, which represent about 8.6% of the Swedish headcount at the end of 2023.