Nokia said it would cut up to 14,000 jobs as part of a cost cutting plan following third quarter earnings that plunged.
The Finnish telecommunications giant said that it will reduce its cost base and increase operation efficiency to"address the challenging market environment."on Thursday said it would cut up to 14,000 jobs as part of a cost reduction plan following a plunge in third-quarter earnings.
It is targeting to lower its cost base on a gross basis from 2023 by between 800 million euros and 1.2 billion euros by the end of 2026. One of the world's largest telecommunications equipment makers, Nokia has been facing headwinds from a slowing global economy and from infrastructure spending reductions made by mobile operators.
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Nokia to cut as many as 14,000 jobs as profit drops by 69%Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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