Ericsson is laying off 3000 employees again
Apr 02, 2018
Ericsson is shutting down its Swedish industry
Facing fierce market competitions and constantly weak demand for product, Ericsson's net profit on 2nd quarter is downing 24%. They are seeking to further cut down cost and lay off employees.
According to Svenska Dagbladet, Ericsson plans to close the final factory in Sweden, 3000 staff will be unemployed in consequence.
As one of the biggest telecommunication device vendor over the world, Ericsson is facing fierce competition from China’s Huawei when it is reconstructing.
Huawei is a fast-growing network device provider from China, and is famous for its competitive price of creative products.
In the past year, Ericsson has lost one third of its stock price. And the new financial report shows that its net profit on 2nd quarter was just 1.59 billion kronas, year-on-year decrease 24%.
