Ericsson to lay off 1,500 Employees in Sweden

.

Ericsson to lay off 1,500 Employees in Sweden

Roughly after two weeks, when it was publicized that Ericsson AB has suffered loss in the revenue of wireless carriers, it has now announced that it will lay off 1,500 employees in Sweden.

Ericsson AB, which is considered to be the largest maker of the mobile phone networks across the globe, is going to make a cut of 8.7% in its workforce of Sweden. Ericsson, which itself has announced the news, has also informed that majority of the cuts will take place the networks division.

"We must ensure that we can continue to execute on our strategy to maintain our market leadership, invest in R&D and meet our customers' needs", said Tomas Qvist, who is heading the human resources department in Ericsson at Sweden branch.

As soon as the news hit the leading dailies and broadcasting channels, it was found that the shares of the company have increased by 0.1%. Qvist continued by saying in order to execute their strategies, it is important that they should make cuts on network investments.

In addition, it has been seen that Ericsson has been witnessing a stiff competition with Nokia Siemens Networks and Huawei Technologies Co. In order to give a tough fight to all its competitors, it has been providing a number of extra services, such as network management.


Latest News

A Rise Noted in U.S. Jobless Claims
New FAA Report Reveals Surge in Near-collisions Between Airliners and Drones
OPEC Members to Meet This Week to Decide on Supply Cut Issues
Tiffany & Co Posted a Lower Than Expected  Q3 Report
Best Growth in a Decade for the US Economy
Thanksgiving and Black Friday Shoppers Expected to Start Shopping on Thursday
Some Things You Need to Know About Thanksgiving Travel
According to New FDA Rules Menus will List Calorie Counts
1,200 Pounds of Ground Beef Recalled by Ranchers Legacy Meat Company Due to E. c
Uber Needs to Mend Ways to Correct its Image
Amazon Fire TV Stick will offer stiff competition to Neflix and Hulu Plus
New Chromebook buyers get 1TB free Google Drive storage space