Ericsson will slash 1,200 careers in Sweden

Ericsson will slash 1,200 careers in Sweden


Ericsson introduced it is setting up to minimize employment as part of its value-chopping steps.

Nurphoto | Nurphoto | Getty Images

Ericsson introduced on Monday that it will lay off about 1,200 staff in Sweden as the telecommunications enterprise faces slowed desire for its 5G products.

The enterprise explained the downsizing is element of a broader cost-reducing system this 12 months that will include additional initiatives to strengthen performance. Past yr, the firm laid off 8,500 staffers, or about 8% of its workforce, to slice expenditures.

“The price saving initiatives cover a variety of spots these types of as reduction of consultants, streamlining of processes, and reduced facilities,” Ericsson claimed in a assertion on Monday, introducing that it had started negotiations with unions.

Ericsson experienced 99,950 staff members, like 10,744 staff in North The united states, at the close of past yr, in accordance to a U.S. Securities and Trade Fee submitting.

Monday’s announcement will come as companies across the tech industry keep on to slash positions in massive quantities. A lot more than 50,000 personnel have been laid off from in excess of 200 tech businesses given that the start off of the yr, in accordance to Layoffs.fyi. In 2023, far more than 260,000 staff were allow go from just about 1,200 tech firms.

Marketplace giants Alphabet, Amazon, Meta and Microsoft have all contributed to the flurry of position cuts this yr, along with organizations including Cisco, DocuSign, Snap and Zoom, in the hopes of elevating revenue as a result of centered paying and performance fueled by synthetic intelligence.

Don’t miss these stories from CNBC Professional:



Resource

AI chipmaker Cerebras withdraws IPO
Technology

AI chipmaker Cerebras withdraws IPO

Artificial intelligence chipmaker Cerebras said on Friday that it’s withdrawing plans for an IPO, days after raising over $1 billion in a fundraising round. In a filing with the SEC, Cerebras said it does not intend to conduct a proposed offering “at this time,” but didn’t provide a reason. A spokesperson told CNBC on Friday […]

Read More
Amazon shutters 4 Fresh stores in Southern California as grocery strategy keeps shifting
Technology

Amazon shutters 4 Fresh stores in Southern California as grocery strategy keeps shifting

An employee arranges a salad dressing display at an Amazon Fresh grocery store on December 12, 2024 in Federal Way, Washington. David Ryder | Getty Images Amazon is closing four more Fresh supermarkets in Southern California as the e-commerce giant continues to focus its grocery strategy around Whole Foods and delivery. The closures will take […]

Read More
Quantum stocks Rigetti Computing and D-Wave surged double-digits this week. Here’s what’s driving the big move
Technology

Quantum stocks Rigetti Computing and D-Wave surged double-digits this week. Here’s what’s driving the big move

Inside Google’s quantum computing lab in Santa Barbara, California. CNBC Quantum computing stocks are wrapping up a big week of double-digit gains. Shares of Rigetti Computing, D-Wave Quantum and Quantum Computing have surged more than 20%. Rigetti and D-Wave Quantum have more than doubled and tripled, respectively, since the start of the year. Arqit Quantum […]

Read More