Nokia To Slash 14,000 Jobs To Cut Costs

Fahad Shabbir (@FahadShabbir) Published October 20, 2023 | 05:55 PM

Finnish telecommunications company Nokia announced a cost-saving plan on Thursday, under which it will cut up to 14,000 jobs globally, as its third quarter (Q3) 2023 results were lower than expected

HELSINKI, (APP - UrduPoint / Pakistan Point News - 20th Oct, 2023) Finnish telecommunications company Nokia announced a cost-saving plan on Thursday, under which it will cut up to 14,000 jobs globally, as its third quarter (Q3) 2023 results were lower than expected.

Between July and September this year, Nokia's net sales decreased by 20 percent to 4.98 billion euros (5.26 billion U.S.

dollars) from 6.24 billion euros in the same quarter one year earlier.

Its comparable operating profit dropped by 36 percent to 424 million euros on a year-on-year basis, the company said in its Q3 Financial Report published on Thursday.

Nokia's cost-saving plan is designed to lower the cost base by 800 million euros to 1.2 billion euros over three years. Up to 14,000 jobs will also be cut.

By the end of the cost-cutting program in 2026, Nokia will have between 72,000 and 77,000 employees, compared to the current 86,000.