After Meta, Twitter, Microsoft, Amazon and other tech giants, Telecoms gear manufacturer Ericsson is also intending to lay off approximately 1,400 employees in Sweden as part of a wider plan to decrease costs all over the world, as per a statement by the company given on Monday.
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Previously, the tech giant had further announced its intentions to reduce costs by 9 billion, which is approximately $880 million, before the end of the current year. The reason behind this move is the slow demand in a couple of markets, including North America.
Additional job layoffs, counting several thousand in other regions, are expected to be reported in the forthcoming days, according to two sources familiar with the matter.
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Back in 2017, Ericsson also made deep cuts by firing thousands of workers and paying attention to research in order to take the tech giant out of losses. The tech giant was also conferring with its worker union in Sweden for a few months on how to manage cost reductions.
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According to a company’s spokesperson, the agreement has currently been discussed with Swedish unions on how to handle headcount cutbacks, further saying that the tech giant plans to make the trims via a voluntary programme.
