Swedish telecoms equipment maker Ericsson announced on Monday that it will cut about 1,200 jobs in Sweden as demand from telecom operators for 5G equipment slows down.
According to filings with the US Securities and Exchange Commission (SEC), Ericsson had 99,950 employees as of the end of last year, including 10,744 in North America.
Ericsson laid off 8,500 employees last year, or about 8% of its total workforce, to cut operating costs.
Tech companies have continued to lay off a large number of employees recently. According to Layoffs.fyi, more than 200 tech companies have collectively laid off more than 50,000 employees since the beginning of this year. In 2023, nearly 1,200 tech companies have laid off more than 260,000 employees.
