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Bloomberg
Ericsson AB, one of the world’s biggest providers of 5G networking equipment, plans to cut 8,500 staff worldwide to reduce expenses after the market for its telecommunications gear stopped growing.
The bulk of the cuts at the Swedish maker of mobile networks will take place during the first half of the year, although some will be in 2024, the company said in an emailed response to questions on Friday.
The Ericsson job cuts are the latest announced in a telecommunications industry that has stumbled due to the weakening global economy and rising inflation.
UK telecom group Vodafone Group Plc announced plans for hundreds of layoffs earlier this year.
The cuts are equivalent to 8% of Ericsson’s workforce and part of a plan laid out in December to cut 9 billion kronor ($862 million) in costs by the end of 2023.