Ericsson said Friday it would cut 8,500 jobs worldwide, as a part of a cost-cutting program.
The Swedish company, which had a total of 105,000 employees at the end of last year, posted disappointing full-year 2022 earnings last month, with a 17 percent drop in net profit to 19.1 billion Swedish kroner.
The company said most of the layoffs would be implemented in the first half of 2023 and the rest in 2024. 1,400 of the job cuts will be in Sweden.
These layoffs are a part of a saving plan announced late last year to save $860 million.
Ericsson said Friday it expected to start seeing the effect of the plan from the second quarter of 2023.