Nokia to Cut up to 14,000 Jobs Amid Plunging Sales and Profits
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Nokia plans to cut up to 14,000 jobs, or 16% of its workforce, due to plunging sales and profits.
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The job cuts aim to reduce costs by 800 million to 1.2 billion euros by 2026.
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Nokia's Q3 sales dropped 20% year-over-year to 4.98 billion euros.
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The company cites market uncertainty and higher interest rates affecting telecom operator investments.
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Nokia expects the job cuts to reduce its workforce from 86,000 down to 72,000-77,000 employees.