A Swedish multinational networking and telecommunications company, Ericsson plans to cut about 1,400 jobs in Sweden.
Additionally, Ericsson will be cutting more jobs that will be affecting several thousand people in other countries in the coming days.
The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America.
The layoffs announced by Ericsson come at a time when major companies across the world have trimmed their workforce, citing the economic slowdown of the post-COVID-19 era.
So far in 2023, there have been 495 layoffs at tech companies with 141,152 people impacted (2,768 people per day). In 2022, there were 1,535 layoffs at tech companies 241,176 people have impacted.
Tech companies have either frozen the hiring process or laid off many employees. The major companies that laid off employees include Infosys, Amazon, Google, Microsoft, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Earlier in November, Amazon announced that will be layoff 10,000 employees. However, the company further added 8,000 employees, and the total layoffs were announced as 18,000 employees. On the other hand, Google sacked roughly 12,000 staff and Salesforce laid off 7,000 employees.