Finnish telecoms giant Nokia is to axe between 9,000 and 14,000 jobs by the end of 2026 to cut costs.
The announcement was made as the company reported a 20% drop in sales between July and September.
The company blamed slowing demand for 5G equipment in markets such as North America.
The company blamed slowing demand for 5G equipment in markets such as North America.
Nokia wants to cut costs by between €800m and €1.2bn (£695m-£1bn) by 2026, it said.
Its customers have been cutting spending amid high inflation and interest rates, it said.
Advances in cloud computing and AI will need “significant investments in networks that have vastly improved capabilities”, said chief executive Pekka Lundmark.
“However, given the uncertain timing of the market recovery, we are now taking decisive action,” he said.
It said it wanted to “act quickly” by cutting costs by €400m in 2024, and €300m in 2025.
Finnish telecoms giant Nokia is to axe between 9,000 and 14,000 jobs by the end of 2026 to cut costs.
The company blamed slowing demand for 5G equipment in markets such as North America.
The announcement was made as the company reported a 20% drop in sales between July and September.
Nokia wants to cut costs by between €800m and €1.2bn (£695m-£1bn) by 2026, it said.
The company blamed slowing demand for 5G equipment in markets such as North America.
The company blamed slowing demand for 5G equipment in markets such as North America.
Nokia wants to cut costs by between €800m and €1.2bn (£695m-£1bn) by 2026, it said.
Its customers have been cutting spending amid high inflation and interest rates, it said.
Advances in cloud computing and AI will need “significant investments in networks that have vastly improved capabilities”, said chief executive Pekka Lundmark.
“However, given the uncertain timing of the market recovery, we are now taking decisive action,” he said.
It said it wanted to “act quickly” by cutting costs by €400m in 2024, and €300m in 2025.
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