HELSINKI (AP) — Telecom gear maker Nokia said Thursday that it is planning to cut up to 14,000 jobs worldwide, or 16% of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit.
The company said it is aiming to slash 800 million euros ($843 billion) to 1.2 billion euros in costs by the end of 2026.
That is expected to lead to a reduction from 86,000 employees to between 72,000 and 77,000 over that time period.
Nokia’s third-quarter sales plummeted 20%, to 4.98 billion euros from 6.24 billion in the same three-month period last year.
The company’s biggest unit by revenue — the mobile networks business — declined 24% to 2.16 billion euros, driven mainly by weakness in the North American market.
Persons:
it's, Pekka Lundmark, Lundmark, China’s, ” Lundmark, —
Organizations:
HELSINKI, — Telecom, Nokia, Ericsson, China’s Huawei, South, Samsung, “, North, North America nosedived
Locations:
Finnish, North American, North America, India