Ericsson lays off 1,400 employees in Sweden

• Ericsson is cutting 1,400 jobs in Sweden.
• The cost-cutting strategy to reduce expenses by 9 billion crowns by 2023.
• Ericsson made significant cuts in 2017, laying off hundreds of employees.

Ericsson, a maker of telecom equipment, revealed its intentions to cut approximately 1,400 jobs in Sweden as part of a broader cost-cutting strategy on Monday.

As demand in some countries, especially North America, declines, the corporation has previously announced goals to decrease expenses by 9 billion crowns ($880 million) by the end of 2023.

Further job losses, totaling in the thousands in other nations, are expected to be disclosed in the coming days, according to two sources close to the situation.

Ericsson made significant cuts in 2017, laying off hundreds of employees and focusing on research to help the company recover from losses.

For months, the company in Sweden had been talking with its employee union about how to handle cost cuts.

According to a spokesperson, an agreement has been reached with Swedish unions on how to manage personnel reductions, and the corporation expects to make the cuts through a voluntary program.

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