Ericsson to lay off thousands of employees in a cost cutting measure: Report. In Picture: A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014.REUTERS

Sweden-based Ericsson is considering laying off close to 4,000 employees during the next few months as the telecoms equipment maker prepares to initiate a few large cost cutting measures, Reuters reported, citing a report by news outlet Svenska Dagbladet (SvD).

The potential move is said to be on account of the company's missed expectations in profit and sales during the last quarter, as markets slowed down for its networking equipment in the developed and Latin American regions.

Ericsson would serve notices to about 3,000 to 4,000 employees this summer and may consider a few thousands more job cuts later in the year, added the report.

Without commenting on the lay off news, the company said that its earlier stated programme of saving 9 billion Swedish crowns by 2017 compared to the levels seen in 2014 was as per the schedule announced previously.

The telecom giant was now tweaking its operations, accommodating low mobile broadband project volumes. 

Latest reports indicate that Ericsson's employee count stood a 1,15,300 in the last quarter, around 1,000 less than the earlier quarter.