- As part of a broader plan to reduce costs globally, Telefonaktiebolaget LM Ericsson ( NASDAQ: ERIC ) is planning to cut 1,400 jobs, Reuters reported on Monday.
- Sources familiar with the matter also revealed that several thousand job cuts likely be announced in different countries in the coming days.
- Citing lessen demand in some markets including North America, the company earlier announced plans to cut costs by 9 billion crowns ($880M) by the end of 2023.
- During Q4 earnings conference call with analysts, the company said it expects 2023 to be "rather choppy" with near-term uncertainties and macroeconomic headwinds, which will likely impact operator CapEx.
- The company announced last job cuts six years ago in 2017 to tide out of losses.
- Looking at the stock performance: ERIC slipped about 44% over a period of 12 months.
For further details see:
Ericsson said to axe 1,400 jobs in Sweden