The firm had earlier introduced plans to chop prices by 9 billion crowns ($880 million) by the tip of 2023 as demand slows in some markets, together with North America.
Further job cuts, numbering a number of hundreds in different nations, are more likely to be introduced within the coming days, stated two sources near the matter.
Ericsson final made deep cuts in 2017 when it laid off hundreds of workers and targeted on analysis to tug the corporate out of losses.
The firm was negotiating with its worker union in Sweden for months on the right way to deal with value cuts.
Agreement has now been reached with Swedish unions on the right way to handle headcount reductions, a spokesperson stated, including that the corporate intends to make the cuts by a voluntary programme.
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Global layoffsAfter the pandemic increase of some years, know-how corporations ended 2022 with a bleak outlook. Across the sector hundreds of jobs had been reduce to appropriate the over-hiring of the Covid interval, and brace for, what consultants name, a interval of slower development for the sector.
The layoff wave has swept not solely startups and mid-sized corporations, but in addition massive tech corporations comparable to Amazon, Microsoft, and Google dad or mum Alphabet, amongst others.
So far, 312 tech corporations have laid off 97,020 workers in 2023, in response to monitoring website Layoffs.fyi.
Also learn | Layoffs in 2023: Twitter, LinkedIn amongst newest corporations to chop jobs amid financial downturn
India layoffs
Indian startups, too, have been impacted over the past six months as they wrestle to lift funds in a tricky international setting.
We reported on December 30 that fund-starved startups fired almost 18,000 in 2022, in response to knowledge compiled by government search agency Longhouse Consulting that was shared solely with ET.
According to knowledge from Tracxn, the subdued startup fundraising exercise continued within the first month of the brand new 12 months with Indian startups elevating $1.18 billion in January, down 75% in comparison with the identical interval final 12 months. January noticed 122 funding rounds in comparison with 331 rounds throughout the identical interval final 12 months.
Also learn | Layoffs in 2023: a listing of Indian startups & tech corporations which have reduce jobs
Source: economictimes.indiatimes.com