Telecommunications equipment maker Ericsson will cut 8.5,000 employees worldwide out of the 105,000 who work at the company to cut costs. This is reported by Reuters, citing a memo sent to employees.
Previously, several big tech companies, Microsoft, Meta* and Alphabet (Google’s parent company), laid off thousands of employees, citing economic conditions. The layoffs at Ericsson will be the biggest in the telecommunications industry.
On Monday, February 20, the company already announced plans to lay off around 1,400 people in Sweden. The company did not name the specific markets in which the reductions will take place, but experts expect North America to suffer the most, and India and other growth markets the least.
Last December, Ericsson said it would cut spending by 9 billion kroner ($880 million) by the end of 2023 as demand wanes in some markets, including North America. Many telcos built up their inventories amid the pandemic and are now facing declining demand.
Author:
anastasia mariana
Source: RB
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