https://apnews.com/07bda439ac93836817a00d0d54892d0a

STOCKHOLM (AP) — Swedish telecom equipment maker Ericsson said Friday that it's cutting 8% of its global workforce as it looks to reduce costs, the latest in a wave of tech company layoffs.

The Stockholm-based company, which provides equipment for high-speed 5G wireless networks, said it is expecting to lay off 8,500 employees this year and into 2024 as part of a strategy to reduce its spending by 9 billion Swedish kronor ($857 million) by the end of this year.