Ericsson to Cut 3,000 Jobs in Sweden as Network Demand Wanes
- Manufacturer seeks to slash costs as carriers curb spending
- Competition from Huawei, Nokia weighs on profit margins
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Ericsson AB plans to cut 3,000 jobs in Sweden, a fifth of the workforce in its home country, as it curbs production to cope with shifting technology and stagnant demand for wireless-network equipment.
The company will reduce manufacturing in the towns of Boraas and Kumla -- a move it signaled last month -- as it turns its focus to software development, according to a statement Tuesday. Ericsson, which has 16,000 workers in Sweden, is also cutting jobs in sales, administration, research and development.