Nokia to slash 14,000 jobs as profits plunge

Tribune Web Desk

Updated At : 12:58 PM Oct 20, 2023 IST

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Helsinki, October 19

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 equipment provider said the planned measures are aimed at reducing its cost base and increasing operational efficiency “to navigate the current market uncertainty.”

The company said it is aiming to lower its cost base by between 800 million euros and 1.2 billion euros by the end of 2026. That was set to lead to a reduction from 86,000 employees now to between 72,000 and 77,000 during that time period. — AP

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