Telecom giant Nokia has announced it will be cutting up to 14,000 jobs, a decision it blamed on the slowing demand for 5G equipment.
On Thursday, the company reported that its third-quarter net sales declined by 20% year-on-year, with profit over the same period dropping by 69%. Nokia said that as a result, it will be implementing cost-cutting measures to try and save between $842 million and $1.2 billion by 2026, eliminating $422 million worth of costs in 2024 and a further $316 in 2025.
“The most difficult business decisions to make are the ones that impact our people. We have immensely talented employees at Nokia and we will support everyone that is affected by this process,” said President and CEO Pekka Lundmark in a statement. “Resetting the cost base is a necessary step to adjust to market uncertainty and to secure our long-term profitability and competitiveness. We remain confident about opportunities ahead of us.”
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