India, March 27 -- Ericsson the Swedish telecommunications giant has announced to lay off approximately 1200 employees in its home country Sweden amidst the reduction seen in demand for 5G network equipment. This decision of the country has come across as a part of its broader cost-saving initiative for the year 2024. The company is also considering actions like trimming consultants, optimizing processes, and consolidating facilities as part of cost-cutting.

The company has attributed the downsizing to the expectations of a challenging mobile networks market throughout the year, where customers are expected to exercise caution while spending. This is not the first time that Ericsson has cut down its workforce. Last year, the company laid...