Telecom maker Ericsson to cut 8% of its global workforce
Swedish telecom equipment maker Ericsson has announced it’s cutting 8% of its global workforce as it looks to reduce costs
STOCKHOLM (AP) — Swedish telecom equipment maker Ericsson said Friday that it's cutting 8% of its global workforce as it looks to reduce costs, the latest in a wave of tech company layoffs.
The Stockholm-based company, which provides equipment for high-speed 5G wireless networks, said it is expecting to lay off 8,500 employees this year and into 2024 as part of a strategy to reduce its spending by 9 billion Swedish kronor ($857 million) by the end of this year.
“Our aim is to manage the process in every country with fairness, respect, professionalism and in line with local labor legislation," Ericsson said in a statement.
The company in December announced its push to slash costs. It said Friday that it expects to see results in the second quarter as it simplifies and becomes more efficient, including cutting back its workforce of about 105,000 people worldwide.
