Ericsson layoffs, affecting 8% of staff, come as tech continues to buckle

mass layoffs. 

The Swedish company, which provides equipment for 5G networks, said the layoffs would occur this year and next year as part of its plan to cut costs by roughly $857 million by the end of 2023.

Ericsson didn’t specify which regions would be most impacted. The company employs more than 105,000 people globally, including in North America. 

“The way headcount reductions will be managed will differ depending on local country practice,” an Ericsson spokesperson said in an email. “Our aim is to manage the process in every country with fairness, respect, professionalism and in line with local labour legislation.”  

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Ericsson joins a growing number of companies that have announced job cuts in recent months. Tech giants from Amazon to Meta to Microsoft have cut thousands of jobs and trimmed costs after pandemic hiring sprees. 

The telecom company said in December it would look to trim costs by the end of 2023. It said Friday it expects to see results of its cost-saving activities, including the layoffs, in the second quarter.

 “We are also working on our service delivery, supply, real estate and IT,” the spokesperson said.  “We have already started to implement and accelerate various initiatives to help us reach this target.”

Go deeper

So far, more than 110,000 employees have been laid off from more than 400 tech companies this year, according to Layoffs.fyi. 

Here are some companies that have recently announced mass job cuts.

• Meta and McKinsey Co. to cut thousands of jobs in upcoming layoffs, reports say
• DocuSign layoff announcement comes as tech layoffs continue to rack the industry
• Zoom to layoff 15% of employees, CEO to take massive 98% pay cut
• Amazon begins next round of layoffs, as tech giant cuts total of more than 18,000 jobs
• Spotify CEO announces layoffs among 6% of employees as tech job cuts continue

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