Ericsson's Ongoing Job Cuts Amidst 5G Market Challenges

Ericsson, the Swedish telecoms equipment giant, continues its workforce reduction strategy, having cut 5,000 jobs last year. CEO Börje Ekholm announced further reductions, including 1,600 in Sweden, citing cost-saving measures. These steps aim to sustain profitability despite the current downturn in the 5G market.

Ericsson, the Swedish telecoms equipment manufacturer, is set to continue reducing its workforce, according to CEO Börje Ekholm. In a post-earnings call on Friday, Ekholm reported that the company had already cut 5,000 positions over the past year and plans further reductions.

Earlier this year, Ericsson revealed its intention to cut up to 1,600 jobs in Sweden, as part of a broader cost-saving strategy. These measures have enabled the company to maintain profitability, even as the 5G market struggles.

Despite the challenges in the telecommunications sector, Ericsson's recent earnings report shows strong performance, indicating that their cost-cutting efforts are paying off.

(With inputs from agencies.)