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

📆 10/19/2023 6:49 AM
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HELSINKI (AP) — 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 increasing operational efficiency “to navigate the current market uncertainty."

Nokia’s third-quarter sales plummeted 20%, to 4.98 billion euros from 6.24 billion, compared with the same three-month period last year. Comparable net profit plunged to 299 million euros from 551 million in the July-to-September quarter from a year earlier. “We continue to believe in the mid- to long-term attractiveness of our markets,” Nokia CEO Pekka Lundmark said in a statement. “Cloud computing and AI revolutions will not materialize without significant investments in networks that have vastly improved capabilities.”

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Nokia plans to cut up to 14,000 jobs after sales and profits plunge in a weak marketHELSINKI (AP) — 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 ...
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