Swedish mobile operator Telia Company has outlined plans to cut 1,500 jobs this year.

The company revealed that 1,000 will be cut during the first quarter, with the other 500 to be lost before the end of the year.

– Wikimedia/FaustoCapital

Telia made the admission during its Q4 2022 earnings statement, with CEO Allison Kirkby noting the challenging macro environment.

Since 2021, the company has been looking to slim down its workforce by around 1,000 people a year as part of a restructuring plan to cut back on costs. The company employs around 20,000 people.

"We are transforming a large, complex business in a challenging market and there are no shortcuts to success," said Kirkby. "We have known from the start that achieving our ambitious goals demands focus, discipline, and perseverance and today is a reminder of that.

"However, having returned the company to growth, expanded our 5G networks, passed our investment peak, and built the foundations for better operational momentum and cash conversion going forward, I remain confident we are on the right track."

Telia has been investing heavily in its 5G push to grow its customer base.

The firm revealed that its adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) rose one percent from a year earlier to 7.37 billion crowns ($722.61 million).

Last week, Telia warned its fourth-quarter results will be hit by several non-cash impairments totaling close to 19.8 billion crowns ($2 billion), with Telia blaming the increased cost of capital for the impairments.

The company has also trimmed its dividend to 2.00 crowns ($0.19) per share for 2022, down from 2.05 crowns ($0.20) the previous year.

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