Ericsson To Lay Off 8,500 Employees

Telecom equipment maker Ericsson will lay off 8,500 employees globally as part of its plan to cut costs, a memo sent to employees and seen by Reuters said. From the report: While technology companies such as Microsoft, Meta and Alphabet have laid off thousands of employees citing economic conditions, Ericsson's move would be the largest layoff to hit the telecoms industry. "The way headcount reductions will be managed will differ depending on local country practice," Chief Executive Borje Ekholm wrote in the memo. "In several countries the headcount reductions have already been communicated this week," he said. On Monday, the company, which employs more than 105,000 worldwide, announced plans to cut about 1,400 jobs in Sweden.

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