Ericsson to Layoff 1,200

Telephone Stock Company of LM Ericsson, commonly known as Ericsson, is a Swedish multinational networking and telecommunications company. It was founded in 1876 and is headquartered in Stockholm. The company specializes in information and communications technology for telecommunications service providers and enterprises, including 3G, 4G, and 5G equipment, IP, etc. It also invented Bluetooth technology and operates in more than 180 countries.

According to reports, Ericsson has announced plans to lay off 1,200 employees in Sweden as part of a cost-cutting initiative, as customers reduce their spending on 5G equipment. This cost-cutting plan will help the company work towards increasing operational efficiency, as it expects a challenging mobile networks market in 2024.