Known as the world’s 2nd largest home appliance producer, Electrolux is a Swedish home appliance manufacturer and seller.
Recently, the company announced that it would be going through a round of cost-cutting, indicating that its profit will decrease due to ever-increasing inflation and low consumer demand.
The company stated that the earnings of the third quarter, as compared to the second quarter, are significantly low. They declared that they will, “focus on decreasing variable costs and eliminating cost inefficiencies in supply and production.
The demand for home appliances in Europe and the US has reduced at a “significantly accelerated pace”, resulting in its shares falling as low as 7%.