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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.
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