Highlights

  • The company called the layoffs part of the broader plan to reduce costs globally
  • Earlier last year, the company had announced it was aiming to slash costs by $880 million by the end of 2023

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Layoffs wave continues: Ericsson to fire 1400 employees globally

Joining a list of tech firms that have sacked thousands of employees in recent months, Ericsson has announced to lay off at least 1,400 employees 

Layoffs wave continues: Ericsson to fire 1400 employees globally

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.

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