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Ericsson To Cut 1,200 Jobs In Sweden Amid 5G Demand Slowdown
https://www.whatjobs.com/news/world-news/ericsson-to-cut-1200-jobs-in-sweden-amid-5g-demand-slowdown
By Nithya Bose in Business News, posted March 27, 2024
Ericsson is reducing its Swedish workforce by almost 1,200 positions after a downturn in demand for its 5G technology.
The telecommunications giant plans to cut costs amid projections of a tough market for mobile networks in 2024, marked by reduced volume and cautious consumer spending.
This follows a major downsizing last year when Ericsson trimmed its global staff by 8,500, or eight percent, aiming to streamline operations.
The company would minimize consultant use, simplify processes, and shrink facility footprints to tighten its belts.
Ericsson discussed with labor unions how to navigate these changes respectfully and according to Swedish labor standards.
At the close of 2023, the firm’s headcount numbered nearly 100,000, with over 10,000 based in North America.
This elimination reflects a broader trend within the tech industry, which has seen substantial job cuts across big firms.
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Over 50,000 roles have been trimmed across the tech sector since the year's onset, with 2023 witnessing over 260,000 layoffs.
Tech giants Alphabet, Amazon, Meta, Microsoft, Cisco, DocuSign, Snap, and Zoom announced layoffs.
They aim to boost profitability through more strategic expenditure and advancements in artificial intelligence.
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