Ericsson plans to cut 8,500 jobs worldwide

London (CNN) Telecom company Ericsson plans to cut 8,500 jobs worldwide to cut costs.

The company – one of the world’s largest providers of 5G mobile networks – has announced that it wants to save 9 billion kroner ($859 million) by the end of this year.

Among other measures, the plan “will also result in the need to address the workforce,” a Ericsson (ERIK) A spokesperson told CNN on Friday.

“We think a total of 8,500 positions will be affected,” the spokesman said, noting that the bulk of layoffs will come in the first half of this year. “How staff reductions will be managed will differ depending on local practices in the country.”

Ericsson said Monday it will cut some 1,400 jobs in Sweden. Those cuts are part of the total of 8,500, the spokesman said Friday.

Ericsson is the latest company to announce thousands of layoffs in recent weeks. Big Tech has been hit particularly hard after they were hiring en masse during the pandemic. Media companies have also laid off staff as online advertising collapses.

Last month, Ericsson reported lower-than-expected Q4 core earnings as sales of 5G equipment slowed in markets such as the United States, Reuters reported.






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