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.