London
CNN
—

Telecommunications company Ericsson plans to cut 8,500 jobs worldwide in a bid to cut costs.

The company, one of the world’s largest providers of 5G mobile networks, has announced a campaign to cut costs by 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 number of employees,” at Ericsson

(ERIC) a spokesperson told CNN on Friday.

“We believe a total of 8,500 jobs will be affected,” the spokesperson said, noting that most of the layoffs would take place in the first half of this year. “How staff reductions will be managed will differ depending on local country practice.”

On Monday, Ericsson said it would cut some 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 a wave of hiring during the pandemic. Media companies have also been laying off staff as online advertising plummets.

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