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Nokia to Slash Up to 14,000 Jobs in Major Cost-Cutting Drive

Nokia to Slash Up to 14,000 Jobs in Major Cost-Cutting Drive

Nokia to Slash Up to 14,000 Jobs in Major Cost-Cutting Drive

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Exclusive: Nokia’s Bold Move to Cut 14,000 Jobs Revealed! Shockwaves in the Industry! Read Now for the Inside Scoop. 🚀

Between 9,000 and 14,000 jobs will be eliminated by the end of 2026 at Finnish telecoms major Nokia in order to reduce costs.

The declaration was made as the business revealed a 20% decline in sales from July to September.

The business put the decline in 5G equipment demand in markets like North America.

Currently employing 86,000 people worldwide, it has cut thousands of positions since 2015.

By 2026, Nokia hopes to reduce costs by €800 million to €1.2 billion (£695 million to £1 billion).

According to chief executive Pekka Lundmark, advances in cloud computing and AI would necessitate “significant investments in networks that have vastly improved capabilities.”

“However, given the uncertain timing of the market recovery, we are now taking decisive action,” he stated.

It declared that it aimed to “act quickly” by reducing expenses by €400 million in 2024 and €300 million in 2025.

Despite “ongoing uncertainty,” Mr. Lundmark continued, Nokia anticipated “an improvement in our network businesses” in the current quarter.

5G lagging

Nokia was formerly the largest cellphone manufacturer in the world, but it was dethroned from its throne by competitors after failing to foresee the popularity of internet-enabled touchscreen phones like Apple’s iPhone and Samsung’s Galaxy.

The company focused on telecom equipment after selling its handset division to Microsoft, which the software giant later wiped down.

In 2020, The company benefited significantly from Huawei’s exclusion from the UK’s 5G networks as a result of an agreement it made to become the biggest equipment supplier to BT.

But as operators in the US and the EU curb spending, 5G equipment manufacturers have been having trouble.

Increased sales to India have been an attempt by Nokia and its Swedish rival, Ericsson, to make up for some of the shortfall, although 5G implementation has also been sluggish there.

This week’s earlier Ericsson sales report indicated a decline.

The company, which has let go of thousands of workers this year, announced on Tuesday that the uncertainty affecting its operations would last until 2024.

nokia phone

The phone company is a global telecommunications company based in Finland that creates and sells consumer products, infrastructure, and services related to information and communications technology.

The phone company has operations in more than 130 countries around the world and its headquarters are in Espoo, Uusimaa, Finland. The business was initially established in 1865 as a paper mill but has subsequently expanded into a number of markets, including networking gear, cellphones, and telecoms.

One of the top smartphone manufacturers in the world, It is renowned for the quality, dependability, and low cost of their products. Here are a few of the most well-known phones that are currently on the market:

Nokia phones are known for their durability, reliability, and affordable prices. If you are looking for a new smartphone, it is worth considering a phone device.

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