Nokia has said it will cut up to 14,000 jobs as part of a new cost savings plan.
Nokia’s job cut decision comes after a 20 per cent drop in sales during third quarter due to slowing sales of 5G equipment in markets such as North America
Finnish telecom gear group Nokia on Thursday said it will cut up to 14,000 jobs as part of a new cost savings programme. The decision comes after a 20 per cent drop in sales during the third quarter due to slowing sales of 5G equipment in markets such as North America.
“Nokia expects to act quickly on the program with at least 400 million euros of in-year savings in 2024 and a further 300 million euros in 2025,” the company said in a statement.
It also said the programme is expected to lead to a 72,000-77,000 employee organisation compared to the 86,000 employees Nokia has today.
