Ericsson Plans To Eliminate About 1,400 Jobs In Sweden : Report

(RTTNews) - LM Ericsson (ERIC) plans to eliminate about 1,400 jobs in Sweden. As part of a broader plan, this could also result in thousands of job losses in other countries, Reuters reported citing people familiar with the matter.

Last month, the Swedish telecom major reported weak profit in its fourth quarter, hurt by hefty charges, despite higher revenues. The company said it expects to start seeing the effect of its 9 billion kronor cost savings activities during the second quarter of 2023.

The firm then said it has full confidence and is on track to deliver on EBITA target of 15-18 percent by 2024.