Nokia To Join The Layoff Bandwagon, To Let Go of 14,000 Workers
Finnish telecommunications company Nokia has announced that it will let go of 14,000 people as part of a cost reduction plan. The decision follows a plummet in the firm’s third-quarter earnings. The company also aims to increase operations efficiency to “address the challenging market environment.” Nokia aims to reduce its cost base on a gross basis from 2023 by $842.5 million and $1.26 billion by the end of 2026. This move will reduce the number of employees from 86,000 to somewhere between 72,000 and 77,000. Also Read: Google’s Parent Company To Lay Off 12,000 Employees Third-quarter net sales for the company fell by 20% year-on-year, reaching $5.25 billion. Moreover, profits plunged by 69% year-on-year, reaching $140 million. Sales from the company’s biggest mobile networks business division fell by 24% year-on-year, hitting $2.27 billion. Meanwhile, the mobile networks business’s operating profit fell by 64% year-on-year. According to Nokia , the fall ...