Sweden’s Ericsson 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.
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After a few years of high demand for 5G equipment, buying by telecom providers has slowed, prompting firms such as Ericsson and Nokia (HE:NOKIA) 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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