Nokia to lay off more than 14K employee to reduce costs – report

Finnish telecommunication company Nokia will slash more than 14,000 jobs in a major cost-cutting drive to address a “weaker” market environment, according to its statement published on Thursday.

Nokia’s President and CEO Pekka Lundmark said: “we continue to believe in the mid to long term attractiveness of our markets.” These actions will enable the company to navigate the current market uncertainty.

The cost-reducing programme will help the company reduce staffing expenses by 10 percent to 15 percent, and save at least €400 million ($421.4 million) in 2024 alone, the company projected.

The announcement came on the same day that Nokia reported worse-than-expected results, as the sales in the third quarter had fallen 15 percent compared to the same period on the previous year.