Ericsson is planning to cut 8,500 jobs globally

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Telecom company Ericsson is planning to cut 8,500 jobs around the world in a bid to slash costs.

The company — one of the world’s biggest providers of 5G mobile networks — has announced a drive to cut costs by 9 billion crowns ($859 million) by the end of this year.

Among other measures, the plan will “also result in a need to address headcount,” an Ericsson

(ERIC) spokesperson told CNN Friday.

“We believe a total of 8,500 positions will be affected,” the spokesperson said, noting that the bulk of the layoffs would be made in the first half of this year. “The way headcount reductions will be managed will differ depending on local country practice.”

On Monday, Ericsson said it would cut about 1,400 jobs in Sweden. Those cuts are part of the 8,500 total, the spokesperson said Friday.

Ericsson is the latest company to announce thousands of layoffs in recent weeks. Big Tech has been hit especially hard after going on a hiring spree during the pandemic. Media companies have also been shedding staff as online advertising slumps.

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