Posted 10/19/2023, 3:22:25 PM
Nokia to Cut Up to 14,000 Jobs Amid Market Uncertainty
- Nokia cutting up to 14,000 jobs to reduce costs amid market uncertainty
- Aims to reduce headcount from 86,000 to 72,000-77,000
- Seeking minimum 400M euros in cost savings in 2024, 300M more in 2025
- Dropping cost base to 800M-1.2B euros by end of 2026, 10-15% cut in personnel expenses
- Streamlining operating model by embedding sales teams into business groups
- Comes after 20% drop in Q3 sales due to higher interest rates
- Layoffs to help Nokia maintain 2023 net sales outlook of 23.2-24.6B euros