Ericsson To Lay Off 8,500 Employees In $860M Cost-Cutting Plan

From CRN: Swedish tech giant Ericsson is laying off 8,500 employees worldwide as part of an $860 million cost reduction plan, marking the largest layoff round the company has undertaken in over five years.

The 8,500 layoffs amount to roughly 8 percent of Ericsson’s global head count of approximately 105,000 employees. Ericsson, which specializes in networking and telecom, confirmed the layoffs would take effect during the first half of this year but could extend into 2024.

The cuts are part of Ericsson’s “structural cost reductions efforts,” Ericsson told CRN in an email. In December, the company said it will cut costs by approximately $860 million by the end of 2023 due to a slowdown in demand occurring in certain markets such as North America.

“We see potential to simplify and become more efficient across the company, especially in structural costs. But we are also working on our service delivery, supply, real estate and IT,” Ericsson told CRN.

View: Full Article