Swedish telecom equipment maker Ericsson is laying off 8,500 employees, or 8% of its global headcount, as part of a downsizing.
Out of all the recent layoffs in tech, it is the largest round of job reductions announced so far in the telecoms industry.
Ericsson, a major 5G mobile network provider, said the cuts are an acceleration of its ongoing efforts to reduce structural costs.
- The 8,500 figure includes 1,400 positions, all based in Sweden, that the company previously announced would be cut.
- Most of the layoffs will occur in the first half of 2023, though some may extend into 2024.
- In December, Ericsson said it would cut costs by 9 billion Swedish kronor ($880M) by the end of 2023 as it experienced a slowdown in demand for 5G gear, including in North America.
- In addition to layoffs, it plans to shutter facilities, streamline processes, and hire fewer consultants.
In January, U.K. telecom group Vodafone said it would cut several hundred jobs, mostly at its London HQ.
