Last updated: February 25, 2023, 8:52 AM IST
STOCKHOLM: Swedish telecom equipment maker Ericsson said on Friday it was cutting 8% of its global workforce to cut costs, the latest in a wave of layoffs at technology companies.
The Stockholm-based company, which supplies equipment for high-speed 5G wireless networks, said it expects to lay off 8,500 workers this year and in 2024 as part of a strategy to cut its spending by SEK 9 billion ($857 million) by the end of this year.
“Our goal is to manage the process in each country with fairness, respect, professionalism and in compliance with local labor laws,” Ericsson said in a statement.
The company announced in December that it plans to cut costs. It said Friday it expects results in the second quarter as it simplifies and becomes more efficient, including reducing the workforce of about 105,000 people worldwide.
“We are also working on our services, supply, real estate and IT. We have already started implementing and accelerating several initiatives to help us achieve our cost savings goal, said Ericsson.
It comes as tech companies ranging from Spotify and Amazon to Microsoft and Facebook parent Meta have each cut thousands of jobs in recent months. They have been hiring in droves in recent years as demand for their products, software and services skyrocketed with millions of people working and studying remotely during the COVID-19 pandemic.
Last month, Ericsson reported earnings of $1.86 billion and revenue of $26.93 billion for 2022.
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(This story has not been edited by News18 staff and was published from a syndicated news agency feed)