Ericsson to cut 8,500 jobs, 8% of its total workforce

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Ericsson to cut 8,500 jobs, 8% of its total workforce - Reuters

Published Feb 24, 2023 13:46

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Ericsson to cut 8,500 jobs, 8% of its total workforce - Reuters

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By Senad Karaahmetovic

Ericsson (ST:ERICb) (NASDAQ:ERIC) is reportedly preparing to lay off 8,500 employees, which represents just over 8% of its global workforce, Reuters reports citing a memo sent to staff.

Layoffs are a part of the company’s plan to cut costs, CEO Borje Ekholm wrote in the memo.

"The way headcount reductions will be managed will differ depending on local country practice," he said.

"In several countries the headcount reductions have already been communicated this week.”

This would mark the largest layoff in the telecoms industry. The company announced earlier this week that it will cut 1,400 jobs in Sweden.

"It is our obligation to take this cost out to remain competitive," Ekholm added. "Our biggest enemy right now may be complacency."

The company’s CFO, Carl Mellander, told Reuters that the cost cuts are mostly focused on external consultants, real estate, and employee headcount.

Ericsson shares trade flat in Stockholm’s Friday trading session.

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