According to foreign media reports, telecommunications equipment maker Ericsson announced on Thursday that the company's large-scale layoffs in Sweden have been ahead of schedule, so this year's restructuring expenses will be higher than previously expected.
Ericsson said in October that the company will cut Sweden's employees by one-fifth, and the company will lay off hundreds of consultants due to the shrinking market size and competition between Huawei and Nokia.
Industry analysts and Ericsson employees have been speculating on whether companies need to take further cost-cutting measures to deal with tough market conditions.
Ericsson said on Thursday that the company expects restructuring spending this year will be between 5.5 billion Swedish kronor to 6.5 billion Swedish kronor (about 606 million US dollars to 771 million US dollars), higher than the previous forecast of 4 billion Swedish kronor to 5 billion Swedish kronor Interval.
Ericsson said: "It is expected that the restructuring expenses in 2017 will be reduced. This is because the company's domestic layoffs are implemented faster than planned."
Ericsson will release more accurate data in January next year.
Ericsson said that part of the layoffs announced in October was to cut about 3,000 Swedish employees in the production, R&D and sales departments, and will also cut 900 consultants. More than 1,600 employees have voluntarily resigned, and the company does not intend to lay off further employees in Sweden.
Founded in 1876, Ericsson is one of the largest Swedish companies with the largest number of employees. Ericsson's business covers 180 countries and regions around the world, with a total of 115,000 employees worldwide.
Ericsson said as early as July that the company may take some measures to improve efficiency. Prior to this, it also announced a cost reduction plan of 9 billion Swedish kronor (about 1.1 billion US dollars) in 2014.
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