Nokia To Axe Up To 14,000 Jobs To Cut Costs

Finnish telecoms giant Nokia is to axe between 9,000 and 14,000 jobs by the end of 2026 to cut costs. From a report: The announcement was made as the company reported a 20% drop in sales between July and September. The company blamed slowing demand for 5G equipment in markets such as North America. It currently has 86,000 employees around the world, and has axed thousands of jobs since 2015. Nokia wants to cut costs by between $845m and $1.27bn by 2026, it said. Its customers have been cutting spending amid high inflation and interest rates, it said. Advances in cloud computing and AI will need "significant investments in networks that have vastly improved capabilities," said chief executive Pekka Lundmark. "However, given the uncertain timing of the market recovery, we are now taking decisive action," he said. It said it wanted to "act quickly" by cutting costs by $422m in 2024, and $317m in 2025.

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