Ericsson to Layoff 8,500 Employees Globally: Report

The big tech firms have been laying off, citing economic headwinds and uncertainty. In a recent development, Ericsson has said it will lay off 8,500 employees globally as part of its plan to cut costs.

Highlights

  • The company on Monday, announced plans to cut about 1,400 jobs in Sweden.
  • Ericsson said, the reduction of the workforce will be in line with local practices of each country.
  • Ericsson's move would be the largest layoff to hit the telecoms Industry.

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Ericsson to Layoff 8,500 Employees Globally: Report

In December, Ericsson, the multinational telecommunications and networking company, announced that it would generate around 2,000 jobs in India by increasing the production of 5G gear. The company said as 5G gets rolled out in India, Ericsson would ramp up production of its 5G telecom equipment in Pune in a phased manner, thereby creating employment.




Also Read: Ericsson Ramps up Production in India to aid 5G Rollout, will Create 2000 Jobs in Pune

The big tech firms have been laying off, citing economic headwinds and uncertainty. Just in a recent development, Ericsson has said it will lay off 8,500 employees globally as part of its plan to cut costs, a memo sent to employees reads as per media reports. This comes a month after its earnings missed expectations, and it is also predicted that the earnings for the Q1 of FY24 will be lower than the last year.

"The way headcount reductions will be managed will differ depending on local country practice," Chief Executive Borje Ekholm wrote in the memo.

"In several countries the headcount reductions have already been communicated this week," he said.

Also Read: Ericsson Expands Its Portfolio to Boost Indoor 5G Capacity and Precision Positioning

The company, on Monday, announced plans to cut about 1,400 jobs in Sweden. Ericsson said in December it would cut costs by 9 billion crowns ($ 880 million) by the end of 2023 as demand slows in some markets, including North America.

Ericsson's move would be the largest layoff to hit the telecoms Industry, while Nokia has not announced any plans to lay off employees as of now.

Reported By

Aparna, from a journalism background, closely follows the developments in the telecom Industry.

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