In unison with cost reduction in global technology companies, Ericsson plans to hold a release in Sweden. The staff is planned to be reduced by almost 1400 employees, according to Reuters.

Due to the slowdown in demand in the global market, the company plans to reduce costs by $880 million by the end of the year. Therefore, staff reductions in other countries are inevitable. It will affect several thousand employees, insiders familiar with the issue told the publication. Information about the reduction will be announced in the near future.

It should be noted that the last mass reduction in Ericsson was carried out back in 2017. Then, in order to bring the company out of a state of unprofitability, thousands of employees were sent to the street.

The company has now held talks with its workers’ union in Sweden to find ways to cut costs. According to a representative of the company, an agreement was reached to manage staff reductions. According to him, it became known that the reduction in Ericsson is planned to begin on a voluntary basis.

Earlier, we reported that Meta will face another round of staff reductions. New layoffs of employees are planned to be held in the coming weeks.