Monday, April 15, 2024
HomeUncategorized8,500 jobs world wide...

8,500 jobs world wide to be affected by Ericsson’s plan to slash costs

Swedish’s Largest Telecom company Ericsson on plan to cut 8,500 jobs around the world in a bid to slash costs.

One of the world’s biggest providers of 5G mobile networks — has announced a drive to cut costs by 9 billion crowns ($859 million) by the end of this year.

Among other measures, the plan will “also result in a need to address headcount,” an Ericsson (ERIC) spokesperson told CNN Friday.

“We believe a total of 8,500 positions will be affected,” the spokesperson said, noting that the bulk of the layoffs would be made in the first half of this year. “The way headcount reductions will be managed will differ depending on local country practice.”

On Monday, Ericsson said it would cut about 1,400 jobs in Sweden. Those cuts are part of the 8,500 total, the spokesperson said Friday.

Ericsson is the latest company to announce thousands of layoffs in recent weeks. Big Tech has been hit especially hard after going on a hiring spree during the pandemic. Media companies have also been shedding staff as online advertising slumps.

Last month, Ericsson reported lower than expected fourth-quarter core earnings as 5G equipment sales slowed in markets such as the United States, Reuters reported.

Source: CNN Business and Reuters News Agency

Follow us on Twitter. Send us a secure tip

- A word from our sponsors -

Most Popular

More from Author

Microsoft’s Strategic Acquisition of OpenAI’s Sam Altman Sends Stocks Soaring to Record High

Microsoft, a leading tech giant, has propelled its stocks to unprecedented...

Dating Services Industry to Hit 600 Million Users, $8B in Revenue Next Year

The dating services industry has seen impressive growth over the past...

Citi Launches Securities Lending Access™ In Sweden

LONDON – Citi Securities Services announced Nordnet AB (Nordnet), the leading...

- A word from our sponsors -

Ethiopias’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Ethiopia, known for its rich cultural heritage, is also home to some of the wealthiest individuals in Africa. These moguls have diversified their investments across various sectors including oil, mining, agriculture, and real estate, significantly contributing to the nation's economic development. Here's a look at the top...

Trailblazers of Wealth: Kenya’s Five Most Influential Women in 2024

Kenya's economic landscape is distinguished not only by its vibrant markets and industries but also by the formidable women who have risen to the top of these sectors. As of 2024, here is a detailed look at the five richest women in Kenya, highlighting their net worth,...

Somali’s Billionaire Elite: Unveiling the Top 10 Wealthiest Somali Moguls in Kenya in 2024

The Somali community in Kenya has produced some of the country's wealthiest and most influential business figures. Below is a list of the top 10 richest Somali individuals in Kenya, highlighting their estimated net worth and primary sources of wealth across various industries.RankNameTotal Net WorthAgeRegionSourceIndustry1Ismail Ahmed$1.6 billion58NairobiRemittanceFinancial...

Tanzania’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Tanzania's economic landscape is shaped by a diverse group of individuals whose investments and business acumen have not only amassed considerable wealth but also significantly contributed to the country's development. Here's an overview of the top 10 richest people in Tanzania in 2024, detailing their estimated net...

Kenyas’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

In Kenya, a fascinating mix of entrepreneurship, inheritance, and investment has shaped the financial landscape, leading to the emergence of a select group of individuals whose wealth is noteworthy. Below is a table profiling the top 10 wealthiest moguls in Kenya in 2024, highlighting their net worth,...

South Sudan’s Ambitious Leap: Transforming into Africa’s Leading Oil Powerhouse

Unveiling a New Era of Prosperity with Strategic Investments in Oil and Agro-Industries: South Sudan's Journey from Turmoil to ProsperitySouth Sudan, the world's youngest nation, has faced considerable challenges since gaining independence in 2011. Emerging from decades of conflict, including a brutal civil war that ended in...