Ericsson will lay off 8,500 employees globally as part of its plan to cut costs, CEO Borje Ekholm wrote in a memo sent to employees, Reuters news report said. Ericsson, the leading telecom equipment maker, reported net income of SEK 6.2 billion (–39 percent) in Q4 2022 and SEK 19.1 billion (–17 percent) in 2022. On Monday, Ericsson, which has 105,529 employees worldwide, announced plans to cut about 1,400 jobs in its headquarters in Sweden. Ericsson had 14,481 employees in Sweden in 2022-end. Ericsson had an employee-base of 27,761 in South East Asia, Oceania and India, 13,207 in North East Asia, 11,993 in North America, 48,023 in Europe and Latin America and 4,545 in the Middle East and Africa region. "The way headcount reductions will be managed will differ depending on local country practice," Borje Ekholm wrote in the memo. "In several countries the headcount reductions have already been communicated this week."