Finnish telecoms group aims to cut costs as demand for mobile network equipment slumps
Nokia has announced plans to cut up to 14,000 jobs over the next three years as it slashes costs after a worse-than-expected slump in demand for its mobile network equipment.
The Finnish technology company said the plans to cut 16% of its 86,000-strong global workforce were part of efforts to cut costs by €1.2bn by the end of 2026. The cuts were announced as the company revealed a 70% drop in third-quarter profits, which fell to €133m (£116m) compared with €428m a year earlier.
The Nokia chief executive, Pekka Lundmark, said: “The most difficult business decisions to make are the ones that impact our people.
