Ericsson Prepared To Slash 8.5K Jobs Globally, North America To Take Maximum Hit

Telecom equipment maker Ericsson (NASDAQ:ERIC) proposed to fire 8,500 employees globally to cut costs.
"The way headcount reductions will be managed will differ depending on local country practice," Reuters reports citing CEO Borje Ekholm's internal memo.
On Monday, Ericsson shared plans to cut about 1,400 jobs in Sweden.
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The analysts expected North America to be the most affected and growing market, like India the least.
In December, Ericsson shared plans to cut costs by 9 billion crowns ($880 million) by 2023 as demand slowed in some markets, including North America.
Ericsson CFO Carl Mellander had told Reuters that cost cuts would involve reducing consultants, real estate, and employee headcount.
Technology companies, including Microsoft Corp (NASDAQ: MSFT), Meta Platforms Inc (NASDAQ: META), and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), laid off thousands of employees citing economic conditions.
Many telecom companies had beefed up their inventories during the height of the pandemic, which led to slowing orders for telecom equipment makers.
Price Action: ERIC shares traded lower by 1.07% at $5.53 premarket on the last check Thursday.