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Pekka Lundmark - 2 Lundmark - 2 it's - 1 China’s - 1 ” Lundmark - 1 — - 1 Nokia’s - 1 “ - 1
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☆ Nokia Plans to Cut up to 14,000 Jobs After Sales and Profits Plunge in a Weak Market
  + stars: | 2023-10-19 | by ( Associated Press | Oct. | At A.M. | ) www.usnews.com   time to read: +3 min
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
☆ Nokia layoffs: Company will slash up to 14,000 jobs
  + stars: | 2023-10-19 | by ( Michelle Toh | ) edition.cnn.com   time to read: +2 min
Hong Kong CNN —Nokia will slash up to 14,000 jobs in a major cost-cutting drive to address a “weaker” market environment, it said in a statement on Thursday. The move will help the company reduce staffing expenses by 10% to 15%, and save at least €400 million ($421.4 million) in 2024 alone, the company projected. Overall, it said the reductions are expected to trim Nokia’s costs by up to €1.2 billion (nearly $1.3 billion) cumulatively by the end of 2026. “The most difficult business decisions to make are the ones that impact our people,” CEO Pekka Lundmark said in the statement. “We have immensely talented employees at Nokia and we will support everyone that is affected by this process.”The announcement came on the same day that Nokia reported worse-than-expected results.
Persons: Pekka Lundmark, Nokia’s, “, Lundmark Organizations: Hong Kong CNN — Nokia, Nokia, ” Mobile, Ericsson Locations: Hong Kong, India
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