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Ericsson cuts 3,000 jobs in Sweden, reduces operations

The Swedish networks company employs 115,000 people globally, of which 16,000 in Sweden, and said the layoffs are a necessary part of its transformation to meet "fast technology shifts and the digitalization of the telecom industry." In addition to the overall $1 billion cost cuts, Ericsson has said it would double previously announced savings of operating expenses "to reach a reduced run rate of operating expenses of 53 billion kronor during the second half of 2017.
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