Biggest job loss in the telecom industry after Tech, 8,500 people lost from Ericsson!
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Pudhari Online Desk: Telecom equipment maker Ericsson will lay off 8,500 employees globally as part of a cost-cutting plan. Reuters has given reports about this. The company has announced plans to cut around 1,400 jobs in Sweden. The job cuts announced by Ericsson are considered to be the biggest in the telecom industry. Half of the tech giants like Google, Meta and Microsoft have laid off their jobs due to the economic situation. And Ericsson company has also joined it. (Ericsson will lay off 8,500 employees)
The company’s chief executive officer, Bjorge Ekholm, wrote in a memo sent to the employees that “reductions will be done according to the situation in the country.” Ericsson has provided employment to more than 1 lakh 5 thousand people worldwide. Analysts have predicted that job cuts will be the worst hit for North America, Basel and fast growing markets like India will be the worst hit.
In December, Swedish telecom company Ericsson said it would cut spending by $880 million by the end of 2023. Due to the decrease in demand for products from some markets including North America. “It is our responsibility to cover the cost of maintaining a competitive edge,” Ekholm said in the memo.
Ericsson chief financial officer Karl Melender told Reuters news agency that the austerity cuts would include reducing the number of consultants, real estate and staff.
job announcement
Last month, Google would have announced 12,000 job cuts. And Microsoft said that it will reduce 10,000 jobs. Half Microsoft CEO Satya Nadella would have announced that his company would cut 10,000 jobs by the end of 2023 or the third quarter of the fiscal year.
Ericsson to lay off 8,500 employees -memo pic.twitter.com/3YT47yXA8a
— Reuters (@Reuters) February 24, 2023
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