Ericsson plans to cut 8,500 jobs globally

London (CNN) Telecom operator Ericsson plans to cut 8,500 jobs around the world in an effort to cut costs.

The company — one of the world’s largest providers of 5G mobile networks — has announced a cost-cutting effort of 9 billion kroner ($859 million) by the end of this year.

Among other measures, the plan “will also result in the need to address headcount.” Ericsson (Eric) CNN spokesperson Friday.

“We believe that a total of 8,500 jobs will be affected,” the spokesperson said, noting that the bulk of the layoffs will take place in the first half of this year. “The manner in which staff cuts will be managed will vary depending on local practices in the country.”

On Monday, Ericsson said it would cut 1,400 jobs in Sweden. On Friday, the spokesman said those cuts are part of a total of 8,500.

Ericsson is the latest company to make the announcement Thousands of layoffs in recent weeks. Big tech companies have been hit particularly hard after they went on a hiring spree during the pandemic. Media companies have also laid off their staff as online advertising declines.

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

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