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

STOCKHOLM: Swedish telecom gear maker Ericsson stated Friday that it’s reducing 8% of its world workforce because it appears to be like to scale back prices, the newest in a wave of tech firm layoffs.

The Stockholm-based firm, which offers gear for high-speed 5G wi-fi networks, stated it’s anticipating to put off 8,500 workers this 12 months and into 2024 as a part of a method 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 stated in a press release.

The firm in December introduced its push to slash prices. It stated Friday that it expects to see ends in the second quarter because it simplifies and turns into extra environment friendly, together with reducing 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 aim, Ericsson stated.

It comes as tech firms starting from Spotify and Amazon to Microsoft and Facebook guardian Meta have every slashed 1000’s 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 providers surged with thousands and thousands of individuals working and finding out remotely through 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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(This story has been edited by News18 workers and is printed from a syndicated news company feed)