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Ericsson is laying off 8,500 employees worldwide as it becomes the latest technology company to cut its workforce
Ericsson will lay off 8,500 employees worldwide as it becomes the latest technology company to cut its workforce.
The Swedish company said most of the cuts will take place in the coming months.
The cull, which represents about 8 percent of the workforce, follows steps from the likes of Amazon, Microsoft and Google, all of which have cut significant jobs in recent months.
Cull: The Swedish company said most of the cuts will happen in the coming months
Ericsson is one of the largest service providers for the UK’s 4G and 5G networks and has laid out plans to save £720 million in costs by the end of 2023. Last month, it reported lower-than-expected fourth-quarter earnings.
Chief executive Borje Ekholm said, “We see a potential to simplify and become more efficient across the business, especially when it comes to structural costs.”
Ericsson has around 1,400 employees in the UK, according to recent documents, meaning more than 100 could lose their jobs.
Data tracker site Layoffs.fyi estimates that 110,000 technical staff have been laid off worldwide so far this year, on top of the 161,061 layoffs in 2022.