‎“Ericsson” plans to lay off 8,500 employees

The Swedish telecommunications company, Ericsson, said that it plans to lay off 8,500 employees, or about 8% of the company’s 105,000 employees worldwide, in a new cost-cutting plan.

A company spokesperson said the layoffs were part of a plan to “accelerate structural cost reduction efforts” announced during the company’s Capital Markets Day on Dec. 15, adding that most of these layoffs will begin in the first half of 2023 but are possible to extend until 2024.

Ericsson seeks to cut costs at an operating rate of SEK 9 billion, equivalent to $860 million, by the end of 2023, as it said it expects to start seeing the impact of the cost-cutting plan in the second quarter of this year.