Telia Company: Telia joins job-cut wave

Telia joins the big tech job cuts with the announcement that it is cutting 1,500 jobs this year, 1000 in the first quarter, and the rest throughout the year. According to the company, it has been aiming to reduce its workforce by around 1000 a year, since 2021, in line with its restructuring plan.

Speaking about the company's reasoning behind the cuts, CEO Allison Kirkby said: "We are transforming a large, complex business in a challenging market and there are no shortcuts to success. We have known from the start that achieving our ambitious goals demands focus, discipline, and perseverance and today is a reminder of that."

Adding: "However, having returned the company to growth, expanded our 5G networks, passed our investment peak, and built the foundations for better operational momentum and cash conversion going forward, I remain confident we are on the right track."

Over the last few months, big tech companies have been making big cuts to their workforces, seen by the likes of Amazon, Microsoft, Meta and Google. Between them, big tech companies have cut their staff by 150,000 workers in recent months, with many of the cuts coinciding with big investment announcements in AI.