International telecom giant Ericsson (ERIC) is cutting 1,400 jobs in its home market of Sweden as part of a plan to reduce costs.
The company had earlier announced plans to cut costs by $880 million U.S. by the end of this year as demand wanes in markets such as North America.
The company added that additional job cuts in other countries are likely to be announced in coming days.
Ericsson last made staff cuts in 2017 when it laid off thousands of employees to help the company recover from steep financial losses.
Ericsson says its has reached agreements with Swedish unions on how to manage headcount reductions and plans to make the cuts through a voluntary program.
Ericsson’s stock is down 43% over the past 12 months and trading at $5.76 U.S. per share.
