Telecom maker Ericsson to cut 8% of its global workforce

STOCKHOLM (AP) — Swedish telecom equipment maker Ericsson has announced it’s cutting 8% of its global workforce as it looks to reduce costs. The job losses are the latest in a wave of tech company layoffs. The Stockholm-based company provides equipment for high-speed 5G wireless networks. It says it is expecting to lay off 8,500 employees this year and into 2024 as part of its strategy to reduce its costs by 9 billion Swedish kronor, or about $900 million, by the end of the year.