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Ericsson, a telecom company and a major provider of 5G mobile networks, plans to cut 8,500 jobs globally to reduce costs.
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The company aims to reduce costs by $859 million by the end of the year.
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Ericsson spokesperson confirmed that the job cuts are part of a plan to address headcount and reduce costs.
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Most of the layoffs will be in the first half of this year, and the way headcount reductions will be managed will depend on local country practice.
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Ericsson has already announced the cutting of around 1,400 jobs in Sweden.
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Ericsson is the latest company to announce job cuts recently, with Big Tech and media companies also shedding staff.
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Ericsson reported lower than expected fourth-quarter core earnings due to slowing 5G equipment sales in the US and other markets.
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The cost-cutting plan includes measures beyond job cuts, but the spokesperson did not provide details.
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Ericsson has been investing heavily in 5G technology and networks in recent years, but slowing sales have led to cost-cutting measures.
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The spokesperson did not indicate which countries or regions would be most affected by the job cuts.