Swedish telecom giant Ericsson to lay off 8,500 employees globally: Report

Swedish telecommunication company Ericsson said it is laying off 8,500 employees across the world as part of its cost-cutting measure, a memo accessed by Reuters stated.

Telecom equipment maker Ericsson will lay off 8,500 employees globally as part of its plan to cut costs, a memo sent to employees and seen by Reuters said.

Flags with Ericsson logo are pictured outside company's head office in Stockholm, Sweden (REUTERS)

On Monday, the company announced plans to cut about 1,400 jobs in Sweden.

While technology companies have been laying of thousands of employees citing economic conditions, this would be the largest layoff hitting the telecoms industry.

"The way headcount reductions will be managed will differ depending on local country practice," Chief Executive Borje Ekholm wrote in the memo.

"In several countries the headcount reductions have already been communicated this week," he said.