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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