Telecoms gear maker Ericsson has become the latest firm to cut jobs. The telecom networking company has announced to lay off at least 1,400 employees as part of a broader plan to reduce costs globally.
At present, Ericsson employs 14,500 people in Sweden.
Earlier last year, the company had announced it was aiming to slash costs by $880 million by the end of 2023. Last month, Ericsson missed expectations for its fourth-quarter earnings. It had warned of reduced spending from customers in the US and other developed markets.
The layoffs announced by Ericsson comes at a time when global IT and big tech companies have trimmed their workforce, citing the economic slowdown of the post-COVID-19 era.