STOCKHOLM (AP) — Swedish telecom equipment maker Ericsson said Friday that it’s cutting eight per cent 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 nine billion Swedish kronor ($857 million) by the end of this year.

“Our aim is to manage the process in every country with fairness, respect, professionalism and in line with local labour legislation,” Ericsson said in a statement.

The company in December announced its push to slash costs. It said Friday that it expects to see results in the second quarter as it simplifies and becomes more efficient, including cutting back its workforce of about 105,000 people worldwide.

“We are also working on our service delivery, supply, real estate and IT. We have already started to implement and accelerate various initiatives to help us reach” the cost-cutting goal, Ericsson said.

It comes as tech companies ranging from Spotify and Amazon to Microsoft and Facebook parent Meta have each slashed thousands of jobs in recent months. They had gone on hiring sprees over the past several years as demand for their products, software and services surged with millions of people working and studying remotely during the COVID-19 pandemic.

Last month, Ericsson reported profit of $1.86 billion and revenue of $26.93 billion for 2022.