Ericsson is planning to lay off 1,600 employees in Sweden as part of a global restructuring effort to be more efficient. The Swedish telecom company, which has around 13,000 employees in Sweden and over 90,000 worldwide, has started talking with unions about the job cuts.
The company said that the proposed job cuts are part of a larger plan to lower costs while still investing in tech.
Ericsson is one of the top mobile network providers in the world, along with Huawei and Nokia. Even though sales recently dropped, the company shared a good net profit for the third quarter in October. They will release their fourth-quarter results on January 23. After the announcement, Ericsson’s shares went up about 1.5% on the Stockholm Stock Exchange.
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