Nokia plans to cut up to 14,000 jobs worldwide after sales and profits plunge in a weak market

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The Finnish company, one of the world's main suppliers of high-speed 5G wireless networks, said it's trying "to navigate the current market uncertainty" as higher interest rates take a toll.

Telecom gear maker Nokia said on Thursday that it is planning to cut up to 14,000 jobs worldwide, or 16 per cent of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit.

Nokia's third-quarter sales plummeted 20 per cent, to €4.98 billion from €6.24 billion in the same three-month period last year. Comparable net profit plunged to €299 million in the July-to-September quarter from €551 million a year earlier. The market weakness comes as telecom operators, Nokia's main clients, put investments on hold because of higher interest rates and financial costs.

The issue is market-wide, Lundmark stressed, adding that Nokia's competitors are facing a similar problem.

 

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