Nokia plans to lay off 14 thousand employees
Finnish telecommunications equipment manufacturer Nokia has announced that it plans to lay off 14 thousand employees.
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In a statement from Nokia, it was reported that net sales fell from 6.24 billion euros to 4.98 billion euros in the third quarter due to a decline in demand for 5G equipment in markets such as North America.
The statement noted that the company plans to save between 800 million and 1.2 billion euros by 2026, emphasizing that this would mean a 10-15 percent reduction in personnel expenses.
The statement included the following: "The program is expected to result in an organization with 72 thousand to 77 thousand employees, compared to the 86 thousand employees Nokia has today."