Ericsson announced on Monday that it will lay off around 1,200 employees in Sweden as the telecom company faces slowed demand for its 5G equipment.
Ericsson announced on Monday that it will lay off around 1,200 employees in Sweden as the telecom company faces slowing demand for its 5G equipment.
Ericsson had 99,950 employees, including 10,744 workers in North America, at the end of last year, according to an SEC filing.The company said the downsizing is part of a broader cost-cutting plan this year that will include more efforts to boost efficiency.
Monday's announcement comes as companies across the tech industry continue to slash jobs in large numbers. More than 50,000 workers have been laid off from over 200 tech companies since the start of the year, according toMatch adds two directors in deal with activist investor Elliott Management
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