Ericsson on Friday announced As part of that, it will result in about 8,500 job cuts worldwide of a cost-cutting programand news Agencies reported, marking the largest layoffs to hit telecom industry.
Swedish telecom equipment maker joins technology Companies such as Microsoft, Meta, and Alphabet that have developed off thousands of employees, citing economic conditions.
Most of Layoffs will be implemented in the first half of 2023 and the rest in 2024, in attempt to introduce the companymore ” announcement of a costUltimate savings plan of 2022.
Swedish telecom equipment Manufacturer Ericsson said on Friday it would cut 8,500 jobs worldwide as part of that of a cost-cutting program.
“the way Managing staff cuts will vary depending on this on local country practiceCEO Borg Ekholm wrote in The note, seen by Reuters.
in several countriesreductions in the number of its employees already this week “.
On Monday, the company that is hiring more of 105,000 worldwide, announced plans to cut about 1,400 jobs in Sweden.
While Ericsson did not disclose which geography would be most affected, analysts predicted that North America would be affected the most and developing markets such as India the least affected.
The company said in December will cut costs by 9 billion crowns ($880 million) by the end of 2023 k demand slows in Some markets, including North America.
“It is our duty to take this cost out to remain Eckholm said in memo. “Larger enemy Now it may be complacency.”
a lot telecom Firms have been strengthened up Inventory them during the hike of The epidemic that is now leading to slow down requests for telecom equipment makers.
verizon, one of the biggest telecom companies, plans to spend Between $18.25 billion and $19.25 billion a year down of capital expenditures budget of $23 billion last year.
Ericsson’s chief financial officer, Karl Melander, had previously told Reuters this cost The reductions will include reducing consultants, real estate and employee Number of Employees.
Nordic competitor Nokia has not announced any plans to put off employees.
