The first Swedish point came only in the fourth round, and Niklas Edin's team suffered a major setback when Italy took a three-point lead the following round.
The Swedes were able to narrow the gap, but could not catch up after an Italian second place in the penultimate round.
"Good recovery but a bit of a shaky start from us. All four of us missed a bit," said vice-captain Oskar Eriksson to SVT, and he pointed out that too little training time on the ice was a negative factor.
Team Edin will try to get revenge against Great Britain on Thursday.
"We know we're going to have to play really well. They're really hot and we're going to put in another gear," Eriksson said.
