ISTANBUL

Swedish-based tech company Ericsson announced on Monday that it will lay off 1,200 staff as part of its global initiatives to improve its cost position.

The staff reduction will be done in Sweden, Ericsson said.

Ericsson expects "a challenging mobile networks market in 2024, with further volume contraction as customers remain cautious."

The firm said the staff reduction measure is part of its global initiatives to improve its cost position, while maintaining investments critical to Ericsson’s technology leadership.

"Initiatives to increase operational efficiency will continue during 2024 but will not be announced separately," it added.