Ericsson To Cut 8500 Jobs, About 8% Of Its Total Global Workforce: All Details

STOCKHOLM: Swedish telecom tools maker Ericsson mentioned Friday that it’s slicing 8% of its world workforce because it seems to scale back prices, the most recent in a wave of tech firm layoffs.

The Stockholm-based firm, which gives tools for high-speed 5G wi-fi networks, mentioned it’s anticipating to put off 8,500 workers this 12 months and into 2024 as a part of a technique to scale back its spending by 9 billion Swedish kronor ($857 million) by the top of this 12 months.

“Our aim is to manage the process in every country with fairness, respect, professionalism and in line with local labor legislation,” Ericsson mentioned in a press release.

The firm in December introduced its push to slash prices. It mentioned Friday that it expects to see leads to the second quarter because it simplifies and turns into extra environment friendly, together with slicing again its workforce of about 105,000 folks worldwide.

“We are also working on our service delivery, supply, real estate and IT. We have already started to implement and accelerate various initiatives to help us reach” the cost-cutting purpose, Ericsson mentioned.

It comes as tech corporations starting from Spotify and Amazon to Microsoft and Facebook mum or dad Meta have every slashed hundreds of jobs in current months. They had gone on hiring sprees over the previous a number of years as demand for his or her merchandise, software program and companies surged with thousands and thousands of individuals working and finding out remotely in the course of the COVID-19 pandemic.

Last month, Ericsson reported revenue of $1.86 billion and income of $26.93 billion for 2022.

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