Nokia to cut up to 14 thousand jobs after falling financial results

Finnish telecommunications equipment manufacturer Nokia has announced its intention to cut up to 14,000 jobs as part of its cost-cutting efforts, reports CNBC.

By the end of 2026, the company’s expenses are expected to decrease by EUR 0.8-1.2 billion. In this way, Nokia aims to increase operational efficiency to withstand the challenging market environment. The manufacturer’s measures will lead to a reduction in the number of its employees from 86 thousand to 72-77 thousand.

Nokia announced these intentions following a drop in its financial results for the third quarter of this year. The company’s revenue in this period decreased by 20% to EUR 4.98 billion compared to the previous year, while profit fell by 69% to EUR 133 million.

Earlier, Ericsson also announced plans to lay off 8.5 thousand employees as part of its cost-cutting plan.