Following the footsteps of other companies such as Microsoft, Meta, and Alphabet, Ericsson has also decided to lay off 8500 employees. The company has taken this step to cut down costs and remain competitive. This layoff would be the largest one to hit the telecom industry.
It is said that the country to be most affected by it would be North America and the least would be India.
"The way headcount reductions will be managed will differ depending on the local country practice," chief executive Borje Ekholm wrote in the memo.
He added, "In several countries, the headcount reductions have already been communicated this week.”
The company declared in December it would cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America.
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