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Swedish Telecom Equipment Maker Ericsson To Cut 8,500 Jobs Worldwide


Swedish Telecom Equipment Maker Ericsson To Cut 8,500 Jobs Worldwide

It’s executed in a bid to render the corporate “extra environment friendly”.

Stockholm:

Telecom tools maker Ericsson stated Friday it will slash 8,500 jobs worldwide, a part of a cost-cutting programme as monetary headwinds push operators to rein in spending.

Ericsson, which had a complete of 105,000 staff on the finish of 2022, final month posted disappointing full-year 2022 earnings, as operators sluggish spending on rolling the most recent 5G networks because of the international financial slowdown and rising inflation.

The Swedish firm stated a lot of the layoffs could be applied within the first half of 2023 and the remaining in 2024, because it accelerated its $860 million price saving plan introduced on the finish of 2022.

“We see potential to simplify and turn into extra environment friendly throughout the corporate, particularly in structural prices. However we’re additionally engaged on our service supply, provide, actual property and IT,” spokeswoman Jenny Hedelin advised AFP.

“It is going to, nevertheless, sadly additionally end in a necessity to deal with headcount. We imagine a complete of 8,500 positions will probably be affected”, she stated.

Ericsson stated 1,400 of the job cuts have been in Sweden, which had already been introduced earlier this week.

For 2022, the group posted a 17 % drop in web revenue to 19.1 billion kronor ($1.8 billion).

(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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