Business Standard

Ericsson plans to lay off 8,500 staff worldwide to reduce expenses

This would be the largest layoff in the industry. Analysts predict that North America would likely be worst affected

Photo: Reuters
Premium

Photo: Reuters

Reuters
Swedish 5G networks maker Ericsson plans to lay off 8,500 staff worldwide to reduce expenses.

The bulk of the cuts will take place during the first half of the year, but some will only take place in 2024, the company said in an email. The cuts are the equivalent of 8 per cent of its workforce and part of a plan laid out to cut $865 million in costs by the end of 2023 as demand slows in some markets, including North America.

“We see a potential to simplify and become more efficient throughout the company, especially when it comes to structural

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 24 2023 | 6:33 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com