Ericsson Cuts 8,500 Jobs, Global Impact Felt

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Ericsson will cut 8,500 jobs worldwide

Ericsson, a Swedish multinational telecommunications company, announced on Tuesday that it will lay off 8,500 employees as part of a cost-saving plan. Most of the job losses will take place in the first half of 2023, with the remainder in 2024. The company had 105,000 employees in 2022 and had posted results below expectations last year due to reduced spending by 5G operators amid the global economic slowdown and inflation.

Jenny Hedelin, a group spokeswoman, said that the company was looking for ways to simplify and increase efficiency, especially in terms of structural costs. However, she added that the workforce would have to be considered, resulting in 8,500 job losses.

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Ericsson’s net profit in 2022 was 6.2 billion Swedish crowns (about 560 million euros, 590 million dollars), a 39% drop from the previous year. The company’s $860 million savings plan was announced late last year.

© 2023 AFP

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