A view of the Nokia headquarters in Espoo, Finland, Thursday, Oct. 19, 2023. Telecom gear maker Nokia said Thursday that it is planning to cut up to 14,000 jobs worldwide, or 16% of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit. The Finnish wireless and fixed-network equipment provider said the planned measures are aimed at reducing its cost base and increase operational efficiency “to navigate the current market uncertainty.
Nokia’s third-quarter sales plummeted 20%, to 4.98 billion euros from 6.24 billion in the same three-month period last year. Comparable net profit plunged to 299 million euros in the July-to-September quarter from 551 million a year earlier.Nobel economics prize goes to Harvard’s Claudia Goldin for research on the workplace gender gapThe company’s biggest unit by revenue — the mobile networks business — declined 24% to 2.16 billion euros, driven mainly by weakness in the North American market.
The world’s other main suppliers of 5G broadband technology are Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung. Ericsson said earlier this year that it was