Telecom network equipment maker Nokia has hired hundreds of engineers in Finland...
HELSINKI - Telecom network equipment maker Nokia has hired hundreds of engineers in Finland this year to speed up its 5G development, the company said on Wednesday.
The Finnish company, rival to Sweden’s Ericsson and China’s Huawei [HWT.UL], slashed its 2019 and 2020 profit outlook last week, saying profit would come under pressure as the company spends more to fend off rivals in the fast-growing 5G networks business. “It is true that we have hired 5G development personnel lately, not only in Oulu but also in Tampere and Espoo,” the head of Nokia’s networks unit Tommi Uitto was quoted saying in Finland’s largest daily Helsingin Sanomat.Nokia shares plunged 21% last Thursday after the company posted disappointing third-quarter results and slashed its outlook. Nokia shares are down 30% this year.
With that I wanted to ensure that we have the right understanding and aim on how we will proceed with 5G. I am convinced that we now have it,” Nokia’s chief executive Rajeev Suri wrote in an emailed statement to the paper.
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