Telecoms giant Ericsson axes 3,000 Swedish jobs in cost-cutting shake-up
Ericsson is to axe 3,000 jobs in Sweden and downsize operations as part of a 9 billion kronor (£820 million) cost-cutting drive.
The Swedish company said the cuts will fall in its research and development, sales and administration departments. It employs 16,000 people in Sweden.
Ericsson said in a statement that the changes are required in response to "technology shifts" and to secure the group's "long-term competitiveness".
Boss Jan Frykhammar added: "Ericsson is going through a large transformation. We continue to have a strong focus on R&D, and since many years, most Ericsson employees work in software development and services, rather than hardware production.
"The measures are necessary to secure Ericsson's long-term competitiveness as well as technology and services leadership."
The telecoms equipment maker also said it intends to recruit about 1,000 R&D workers in Sweden over the coming three years.