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The Espoo, Finland-based company reported net profit of 568 million euros ($619 million) for the October-to-December quarter, down from 929 million euros in the same period a year earlier. Nokia is one of the world’s main suppliers of 5G, the latest generation of broadband technology, along with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung. Nokia's net income attributable to shareholders came in at 558 million euros in the fourth quarter, down from 931 million euros the previous year. Nokia’s sales also fell 23%, to 5.7 billion euros from 7.5 billion euros. “Looking ahead, we expect the challenging environment of 2023 to continue during the first half of 2024, particularly in the first quarter,” he said.

Persons: China’s, Pekka Lundmark, ” Organizations: HELSINKI, Nokia, 5G, Sweden’s Ericsson, China’s Huawei, South, Samsung, eBay Locations: Espoo, Finland

☆ Stocks making the biggest moves premarket: IBM, Tesla, Nokia, Humana and more
▼ + stars: | 2024-01-25 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Tesla — Shares of the automaker fell 8% after Tesla reported fourth-quarter results that missed estimates on the top and bottom lines and warned that vehicle volume growth may be "notably lower" in the new year. Tesla reported 71 cents in adjusted earnings per share on $25.17 billion of revenue. The company reported adjusted earnings of $3.87 per share on $17.38 billion in revenue. While Humana's fourth-quarter earnings were in line with prior guidance, the company guided for full-year earnings of $16, vastly under the $29.14 expected by FactSet. The company's fourth-quarter revenue of $2.92 billion also topped FactSet's predicted $2.89 billion.

Persons: Tesla, LSEG, Chris Woronka, Raymond James, Wilma Burdis, Truist, — CNBC's Michelle Fox, Sarah Min, Jesse Pound, Pia Singh, Samantha Subin Organizations: Hertz, JPMorgan, IBM, LSEG, Boeing —, Bank of America, Federal Aviation, Alaska Airlines, Paramount Global, Skydance Media, Nokia —, Nokia, FactSet, Avis Budget Group, Citi Locations: Las Vegas

☆ Stocks making the biggest moves midday: Tesla, American Airlines, Boeing, Humana and more
▼ + stars: | 2024-01-25 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

American Airlines posted adjusted earnings of 29 cents per share on $13.06 billion in revenue. Adjusted earnings per share came in at $3.87 for the fourth quarter, topping the $3.78 expected from analysts polled by LSEG. ResMed's adjusted earnings were $1.88 per share for its fiscal second quarter, compared to the $1.77 per share expected from analysts polled by StreetAccount. Adjusted earnings in the fiscal second quarter were $7.52 per share, versus the $7.12 per share consensus estimate, per LSEG. United Rentals' adjusted earnings per share, revenue and adjusted earnings before interest, taxes, depreciation, and amortization all topped consensus estimates, per FactSet.

Persons: Tesla, Max, Northrop Grumman, — CNBC's Hakyung Kim, Samantha Subin, Tanaya Macheel, Sarah Min Organizations: American Airlines –, American Airlines, LSEG, IBM —, postmarket, Revenue, Boeing —, Bank of America, Boeing, Alaska Airlines, Federal Aviation, StreetAccount . Revenue, Humana, Comcast —, Comcast, LSEG . Revenue, Northrop, U.S . Air Force's, Nokia —, Nokia, United Rentals, Avis Budget, Avis Budget Group, Deutsche Bank, CNBC Locations: Lam, Finnish

☆ Nokia to begin $653 million share buyback program after profit slump and warning of challenging 2024
▼ + stars: | 2024-01-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Nokia on Thursday said that it will begin a two-year 600 million euro ($653 million) share buyback this quarter, after reporting that its profit plunged in 2023. Comparable operating profit fell 27% year-on-year to 846 million. The company forecast comparable operating profit will reach between 2.3 billion euros and 2.9 billion euros in 2024. India, which has been investing heavily in its next-generation mobile networks over the past couple of years, is beginning to slow down. Mobile networks, Nokia's biggest division by revenue, saw sales fall 17% year-on-year to 2.5 billion euros in the fourth quarter.

Persons: Pekka Lundmark, Lundmark Organizations: Nokia, Mobile, Mobile Networks, AT, Ericsson, U.S . AT Locations: India

☆ Ericsson warns of 2024 market decline despite Q4 earnings beat
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: +2 min

Ericsson said it expects further decline in 5G gear demand from mobile operators this year after beating fourth-quarter operating profit expectations on Tuesday helped by software sales. Telecoms equipment suppliers are expecting a challenging 2024 as 5G equipment sales - a key source of revenue - are slowing in North America, while India, a growth market, may also see a slowdown. That was mostly due to higher-margin software sales and lower sales of 5G equipment to lower-margin countries such as India. Ericsson said it would get a boost in the second half of the year from a $14 billion telecom deal with AT&T that it won over rival Nokia. The company on Tuesday also appointed Lars Sandstrom as chief financial officer, replacing long-time company veteran Carl Mellander.

Persons: Carl Mellander, Mellander, Börje Ekholm, Ericsson, Lars Sandstrom Organizations: Ericsson, Nokia, RAN, Radio Locations: North America, India, China

☆ The 4 most important things we're watching in the stock market this coming week
▼ + stars: | 2024-01-20 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Fortunately, we'll get useful information in the coming weeks as earnings season ramps up and updated inflation data is released. We really want to see more supply come into the market to provide some relief on shelter costs. Looking to next week, we'll get a several key economic updates and a ramp up of earnings releases. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Morgan Stanley, we'll, Procter & Gamble, we've, We're, we're, We'll, Forex, Brown, BRO, Zions, CrossFirst, Johnson, Lockheed Martin, Horton, ERIC, Baker Hughes, Abbott, ABT, Clark, BOK, Monro, Simmons, United Community Banks, Lam, Ethan Allen Interiors, Raymond James Financial, Sherwin, Williams, Northrop, Murphy, Arthur J, Levi Strauss, LEVI, Booz Allen, Jim Cramer's, Jim Cramer, Jim, John Gress Organizations: Nasdaq, Microsoft, Nvidia, Tesla, Apple, Bank of America, Reserve, Procter, Gross, Citigroup, of Hawaii, United Airlines, Logitech International S.A, AGNC Investment, Agilysys Inc, Great Southern Bancorp, Enterprise Financial Services, Independent Bank, Home Bancorp, RBB Bancorp, TrustCo Bank Corp, Gamble Co, Verizon Communications, 3M Company, General Electric Co, GE, RTX Corporation, Halliburton Company, HAL, Lockheed, Ericsson, Bank, GATX Corporation, MakeMyTrip, National Bancorp, Synchrony, Webster, Atlantic Union Bankshares Corporation, Invesco PLC, Peoples Bancorp Inc, Sandy Spring Bancorp, Netflix, Texas Instruments Incorporated, Steel Dynamics, Canadian National Railway Company, NBT Bancorp, East West Bancorp, Covenant Logistics Group, Inc, Hanmi, National Bank Holdings Corporation, Premier Financial, QCR Holdings, Renasant Corporation, Triumph, Veritex Holdings, ASML, SAP, Textron, Oriental Education, Technology Group, First BanCorp, General Dynamics, OFG Bancorp, Prosperity, TE Connectivity, United Community, Blue Foundry Bancorp, Capitol Federal, HBT, Teledyne Technologies, Business Machines, IBM, Las Vegas Sands Corp, Lam Research, United Rentals, Berkley Corp, Crown, International, Packaging Corporation of America, Seagate Technology plc, CACI, Swift Transportation Holdings, Ameriprise Financial, Concentrix Corporation, First Bank, Liberty Energy, Pathward Financial, Columbia Banking, CSX, American Airlines Group, NextEra Energy Inc, Alaska Air Group, Dow Chemical Co, Valero Energy, Southwest Airlines Co, Nextera Energy, Williams Co, Union Pacific, Applied Industrial Technologies, Mobileye, Northrop Grumman, Comcast, Nokia, TAL Education, McCormick & Company, Intel, Visa Inc, Gallagher, Co, KLA Corporation, Western Alliance, Mobile, L3Harris Technologies, Western, Olin Corporation, American Express Co, Booz, Booz Allen Hamilton Holding, Colgate, Palmolive Co, Norfolk Southern Corporation, Jim Cramer's Charitable, CNBC, Gamble's Locations: Procter &, U.S, China, ZION, Freeport, Kimberly, Las, W.R, Chicago

☆ Here are Friday's biggest analyst calls: Nvidia, Netflix, Apple, Starbucks, Marvel, Coinbase, IBM, Amazon & more
▼ + stars: | 2024-01-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs upgrades Fiverr to buy from neutral Goldman said the Israeli online marketplace is well positioned for AI. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating on Amazon shares. Bank of America downgrades Celsius to neutral from buy Bank of America says it sees "uncertainty to sales momentum" for the energy drink company. Deutsche Bank names Starbucks a top pick Deutsche says it sees an improved same-store sales environment for Starbucks in 2024. Bank of America upgrades Teekay Tankers to buy from neutral Bank of America upgraded the tanker stock due to "rising rate upside."

Persons: Stifel, McKhann, thoughtfully, Goldman, Goldman Sachs, FVRR, Raymond James, TXN, Oppenheimer, Morgan Stanley, ASML, Citi downgrades Blackstone, Carlyle, it's bullish, headwinds, Evercore, Price, Apple Evercore, Janney, Jefferies, Hertz Organizations: Broadcom, Semiconductor, Enterprise, Nvidia, Bank of America, Amazon, North, Holdings, Netflix, Deutsche Bank, Starbucks, Deutsche, SSS, UBS, Texas, Barclays, Nokia, Ericsson, Citi downgrades, Citi, BMO, Marvel, " Bank of America, United Rentals, of America, IBM, Enterprise IT, Apple, Shoals Technologies, Inc, HSBC, Discover, Motorola Solutions, HERTZ Locations: North America, 4Q, 2026E, CY24

☆ Nokia plunges to three-year low after losing major AT&T deal to rival Ericsson
▼ + stars: | 2023-12-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Shares of Finland's Nokia plunged to a three-year-low, as the telecoms company lost out on a major deal to roll out a new telecoms network in the U.S. with industry juggernaut AT&T. Helsinki-listed Nokia shares were down 7% at 9:40 a.m. London time on the news that AT&T will be partnering with Swedish rival Ericsson, which will manufacture 5G equipment for the project at its factory in Lewisville, Texas. AT&T spend is set to be near $14 billion over its five-year contract with Ericsson, the companies said late Monday. The partnership covers the deployment of an open radio access network (Open RAN) in the U.S., which AT&T expects to use for 70% of its wireless network traffic by late 2026. Nokia CEO Pekka Lundmark called the news "disappointing," but said that the company remained "fully committed" to Open RAN and had a strategy to diversify its business and improve profitability.

Persons: Pekka Lundmark Organizations: Ericsson, Nokia, Helsinki, Swedish, RAN Locations: U.S, London, Lewisville , Texas, Stockholm

☆ Stocks making the biggest moves premarket: GitLab, CVS Health, Take-Two Interactive & more
▼ + stars: | 2023-12-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

The company posted its first adjusted operating profit and said revenue grew 32% year over year. CVS Health —The pharmacy stock climbed 3% in premarket trading after the company provided higher-than-expected revenue guidance for 2024. The auto parts retailer posted earnings of $32.55 per share, topping the FactSet consensus estimate of $31.57 per share. Smucker — Shares of the snack food company rose 3% in premarket trading after J.M. Adecoagro — The Latin American agriculture stock rose 2.3%.

Persons: GitLab, Johnson, Johnson — Johnson, Piper Sandler, AutoZone, Smucker, Adecoagro, —, Jesse Pound, Brian Evans, Sarah Min, Michelle Fox Organizations: CVS Health, CVS, FactSet, Rockstar, Nokia, Ericsson —, Ericsson, UBS, Bank of America, Suisse Locations: Finland, Sweden, Adecoagro

☆ Stocks making the biggest moves midday: Apple, Nio, CVS Health, GitLab and more
▼ + stars: | 2023-12-05 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading. Nio — The Chinese automaker climbed about 3% after reporting a smaller-than-expected loss in the third quarter. Nio has taken steps to bring down costs recently, including a 10% cut to its workforce last month. CVS Health — Shares gained 4% after CVS said it would overhaul the way it prices prescription drugs . GitLab — The software company's shares jumped more than 12% a day after the company reported better-than-expected results for the fiscal third quarter.

Persons: Nio, GitLab, Adecoagro, Albemarle —, Piper Sandler, —, Samantha Subin, Hakyung Kim, Sarah Min, Alex Harring, Pia Singh, Michelle Fox Organizations: Apple, Bank of America, CVS, FactSet, UBS —, UBS, Suisse, Nokia, Ericsson —, Ericsson's, Ericsson, Albemarle Locations: China, U.S, Monday's, Ericsson's U.S, Sweden, Finland

☆ Ericsson shares rally on AT&T network deal, Nokia drops
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: 1 min

A logo of Ericsson is seen outside the company's office in Kanata, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg/File Photo Acquire Licensing RightsDec 5 (Reuters) - Ericsson (ERICb.ST) shares rallied in early trading on Tuesday after AT&T (T.N) chose the Swedish telecoms equipment maker over Finnish rival Nokia (NOKIA.HE) to build a network under a five-year deal that could see spending reach $14 billion. Ericsson rose around 8% on German trading platform Tradegate, while Nokia fell 9%. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Hagberg, Danilo Masoni, Amanda Cooper Organizations: Ericsson, REUTERS, Nokia, Thomson Locations: Kanata , Ontario, Canada

☆ AT&T Drops Nokia for Ericsson in $14 Billion Deal
▼ + stars: | 2023-12-04 | by ( Drew Fitzgerald | ) www.wsj.com time to read: 1 min

AT&T said its shift to Ericsson will fast-track its network overhaul and allow it to buy hardware and software from a broader range of suppliers in future years. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesAT&T struck a deal with Ericsson to buy up to $14 billion of its hardware and services after the Swedish equipment supplier pledged to open up its software to competing systems. The five-year agreement would move virtually all of AT&T’s new purchases of certain cell-tower equipment to Ericsson, replacing existing machinery from Finnish rival Nokia in many markets. The Dallas-based telecom giant said it plans to start the swap next year and aims to have 70% of its wireless network traffic passing through open platforms by late 2026.

Persons: patrick Organizations: Ericsson, fallon, Agence France, Getty, Nokia Locations: Swedish, Dallas

The AT&T logo is seen on a store in Golden, Colorado United States July 25, 2017. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsSTOCKHOLM, Dec 4 (Reuters) - AT&T (T.N) said on Monday it plans to use so-called ORAN technology for 70% of its wireless network traffic in the United States by late 2026 and will move from two telecom vendors to one. While the technology has been tested by several telecom providers, it has not been widely adopted. AT&T's push for the technology will likely be a major boost for Open RAN. The U.S. telecom company's spending could approach roughly $14 billion over the five-year term of the contract with that one vendor, the company said.

Persons: Rick Wilking, Supantha Mukherjee, Matthew Lewis Organizations: Golden , Colorado United, REUTERS, Rights, Open RAN, Ericsson, Nokia, Thomson Locations: Golden ,, Golden , Colorado United States, ORAN, United States, U.S, Stockholm

☆ AT&T chooses Ericsson for new U.S telecom network, will drop Nokia
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: +2 min

New networks by Dish and Japan's Rakuten use Open RAN. "All of the new equipment that we are going to be putting out will be Open RAN capable," Chris Sambar, president of AT&T Network, told Reuters. Winning the Open RAN deal will make Ericsson the largest supplier to AT&T as it slowly takes over Nokia's share, the company said. AT&T will still have contracts which other Open RAN vendors outside this deal. AT&T expects fully integrated Open RAN sites operating in coordination with Ericsson and Fujitsu, starting in 2024.

Persons: Chris Sambar, Sambar, You've Organizations: Ericsson, Mobile, Nokia, Huawei, Telefonica, Vodafone, Dish, RAN, AT, T Network, Reuters, Samsung, Verizon, U.S ., Fujitsu Locations: Barcelona, Spain, ORAN, United States, New York

New networks by Dish (DISH.O) and Japan's Rakuten (4755.T) use Open RAN. "All of the new equipment that we are going to be putting out will be Open RAN capable," Chris Sambar, president of AT&T Network, told Reuters. Winning the Open RAN deal will make Ericsson the largest supplier to AT&T as it slowly takes over Nokia's share, the company said. AT&T will still have contracts which other Open RAN vendors outside this deal. AT&T expects fully integrated Open RAN sites operating in coordination with Ericsson and Fujitsu (6702.T), starting in 2024.

Persons: Brendan McDermid, Japan's Rakuten, Chris Sambar, Sambar, You've, Supantha Mukherjee, Matthew Lewis Organizations: New York Stock Exchange, REUTERS, Rights, Ericsson, Nokia, Huawei, Telefonica, Vodafone, RAN, AT, T Network, Reuters, Samsung, Verizon, U.S ., Fujitsu, Thomson Locations: New York, U.S, ORAN, United States, Stockholm

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Eli Lilly, Salesforce, Snowflake, Snap, Pinterest and more
▼ + stars: | 2023-11-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Jefferies upgrades Pinterest and Snap to buy from hold Jefferies sees growth upside in 2024 for both stocks. " Wolfe upgrades Ally Financial to outperform from peer perform Wolfe said in its upgrade of the financial company that it's well-positioned. "In an environment where the probability of a mild recession or soft landing both appear plausible, we believe ALLY is well positioned to outperform in either scenario and upgrade shares to Outperform." "We continue to believe that Salesforce is on track to become the next quality [growth at a reasonable price] stock." Goldman Sachs reiterates Snowflake as buy Goldman Sachs stood by its buy rating on Snowflake after earnings on Wednesday.

Persons: Berenberg, Eli Lilly, Lilly, Wells, BTIG, Jefferies, Bernstein, Burger, Wolfe, TD Cowen downgrades Okta, Cowen, Stifel, Raymond James, Morgan Stanley, Bilibili, BILI, Baird, Pat Shanahan, Wells Fargo, Salesforce, Goldman Sachs, Snowflake, DUK Organizations: pharma, Nvidia, NVIDIA, Jefferies, SNAP, BK, UBS, Service Corporation, Deutsche Bank, Lattice Semiconductor, Apple, JPMorgan, Nokia, Infineon, Watch, Hewlett Packard Enterprise, Barclays, GE Healthcare, Airbus, Bank of America, Duke Energy, HSBC, Molson Coors Locations: FTCH, North America, China

☆ How Arm is gaining chip dominance with its architecture in Apple, Nvidia, AMD, Amazon, Qualcomm and more
▼ + stars: | 2023-11-09 | by ( Katie Tarasov | ) www.cnbc.com time to read: +8 min

Arm's big break came in 1993, when Apple launched its early handheld Newton device on the Arm610 processor. Arm's big break came in 1993 when Apple released its handheld Newton device on the Arm610 processor. Apple moved to its own Arm-based processors in Mac computers in 2020, breaking away from the Intel x86 processors that had powered them for 15 years. Qualcomm is another major customer making its latest PC processors using Arm, although that relationship is strained. This simplification is also making Arm the choice for non-chip companies like Apple, Amazon, Google and Microsoft designing their own custom silicon.

Persons: Haas, Richard Grisenthwaite, I've, Grisenthwaite, Japan's SoftBank, Grace Hopper Superchip, Grace Hopper, they're, Cash, SoftBank, Softbank, Rene Haas, CNBC's Katie Tarasov, Katie Brigham Arm, It's, Daniel Newman, Newman, O'Donnell, Apple, Nuvia, Arm's Grisenthwaite, They've, " O'Donnell, Max Thurlow Organizations: Apple, Acorn Computers, Texas, Nokia, Nvidia, Google, Samsung, Qualcomm, Futurum, Intel, Amazon, AMD, Cruise, Microsoft, Arm Holdings Locations: Cambridge, NXP, U.S, Arizona , California, North Carolina, Texas, Norway, Sweden, France, India, San Jose , California, IoT, England, China

India is considering a policy to mandate equipping smartphones with hardware to receive live TV signals without the need for cellular networks. It has proposed use of so-called ATSC 3.0 technology popular in North America that allows precise geo-locating of TV signals and provides high picture quality. The policy pushback is the latest from firms operating in India's smartphone sector. For India's government, the live TV broadcast features are a way to offload the congestion on telecom networks due to higher video consumption. Samsung tops India's smartphone market with a 17.2% share, while Xiaomi follows with a 16.6% share, according to research firm Counterpoint.

Persons: Shailesh Andrade, Munsif Vengattil, Aditya Kalra, Raju Gopalakrishnan Organizations: REUTERS, Samsung, Qualcomm, Reuters, Ericsson, Nokia, India Cellular and Electronics Association, Apple, Thomson Locations: Mumbai, India, DELHI, North America, South Korea, United States

[1/2] An Ericsson sign is seen at the third China International Import Expo (CIIE) in Shanghai, China November 5, 2020. REUTERS/Aly Song Acquire Licensing RightsBRUSSELS, Nov 6 (Reuters) - Electronics makers Siemens (SIEGn.DE), Ericsson (ERICb.ST) and Schneider Electric (SCHN.PA), along with industry group DigitalEurope warned on Monday that onerous proposed EU rules targeting cybersecurity risks of smart devices could disrupt supply chains on a scale similar to during the pandemic. They said disruptions could hit millions of products, ranging from washing machines to toys, cybersecurity products, as well as vital components for heat pumps, cooling machines and high-tech manufacturing. "We risk creating a COVID-style blockage in European supply chains, disrupting the single market and harming our competitiveness," the companies said. They also want more flexibility to self-assess cybersecurity risks.

Persons: Aly, Thierry Breton, Vera Jourova, Robert Bosch, Foo Yun Chee, Rod Nickel Organizations: Ericsson, China, REUTERS, Rights, Electronics, Siemens, Schneider, European, European Union, Nokia, Robert, Robert Bosch GmbH, EU, Thomson Locations: Shanghai, China, Rights BRUSSELS, EU, Slovakian

☆ Kendrick Lamar's company just dropped a limited-edition 'dumb' phone. It's already sold out.
▼ + stars: | 2023-11-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Kendrick Lamar enters the tech space with a collaboration on the Light Phone 2. The Light Phone 2 is getting some particularly strong star power courtesy of rapper Kendrick Lamar's creative agency pgLang. pgLangThe minimalistic phone has no web browser and its screen is paper-like similar to that of some e-readers. PgLang's Light Phone 2 went on sale Thursday with a price tag of $299. Arturo Holmes/MG23/Getty ImagesUnlike the traditional Light Phone 2 sold by Light, pgLang's version comes with the company's name inscribed on the back of its light grey case.

Persons: Kendrick Lamar, —, Kendrick Lamar's, pgLang, Dave Free, Arturo Holmes, Lamar Organizations: Service, Nokia

☆ Nokia to Slash Up to 14,000 Jobs as Telecom Operators Cut Spending
▼ + stars: | 2023-10-19 | by ( Dominic Chopping | ) www.wsj.com time to read: 1 min

Nokia’s headquarters in Espoo, Finland. Photo: lehtikuva/ReutersNokia said it plans to cut up to 14,000 jobs as the telecommunications-equipment maker wrestles with a sharp downturn in spending by telecom operators. The Finnish company said Thursday it would shrink its workforce to between 72,000 and 77,000 by 2026, from 86,000, depending on how market demand evolves. The cuts are part of an effort to generate annual cost savings of up to 1.2 billion euros, equivalent to $1.26 billion.

Organizations: Nokia Locations: Espoo, Finland

As demand has slowed in countries such as the United States, Nokia and rival Ericsson (ERICb.ST) have tried to offset some of the weakness with higher sales to India, a low-margin market. Nokia is targeting savings of between 800 million euros ($842 million) and 1.2 billion euros by 2026, its deadline to deliver a long-term comparable operating margin plan of at least 14%. Nokia expects at least 400 million euros of savings in 2024, and a further 300 million euros in 2025. Quarterly comparable net sales fell to 4.98 billion euros from 6.24 billion last year, missing an estimate of 5.67 billion euros according to a LSEG poll. "There are signs here and there that demand would start to pick up again but it's too early to call it a broad-based trend," Lundmark said.

Persons: Albert Gea, Pekka Lundmark, Lundmark, it's, Supantha Mukherjee, Anne Kauranen, Anna Ringstrom, Clarence Fernandez, Barbara Lewis Organizations: Mobile World Congress, REUTERS, STOCKHOLM, Nokia, Ericsson, Reuters, Thomson Locations: Barcelona, Spain, American, HELSINKI, Finnish, United States, India, North American, China, Stockholm, Helsinki

☆ Nokia to Cut 14,000 Jobs in Major Overhaul at Telecom Giant
▼ + stars: | 2023-10-19 | by ( Jin Yu Young | More About Jin Yu Young | ) www.nytimes.com time to read: +1 min

Nokia announced a major overhaul of its business on Thursday that includes slashing up to 14,000 jobs, or about 16 percent of its work force, over the next three years. The company employs 86,000 people and said the “reset” would reduce its costs by as much as 1.2 billion euros, or roughly $1.3 billion. Nokia once led the global mobile phone market, but it quickly fell behind the iPhone, which was released by Apple in 2007. Nokia sold its mobile phone division to Microsoft in 2013. Since then, it has focused on selling the back-end infrastructure of telecom systems to wireless companies, cable operators and other business buyers.

Persons: Pekka Lundmark Organizations: Nokia, “, Apple, Microsoft

☆ 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

☆ Nokia says it's going to cut up to 14,000 jobs
▼ + stars: | 2023-10-19 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Nokia said on Thursday it is planning to cut up to 14,000 jobs — or around 16% of its workforce. The company is planning to lower costs by up to 1.2 billion euros by 2026. AdvertisementAdvertisementFinland-based mobile company Nokia is planning to cut between 9,000 to 14,000 jobs amid a sales slump and reduced demand for 5G equipment, it said on Thursday. The layoffs are part of cost-cutting measures to reduce expenses by 400 million euros, or $421 million, in 2024 and a further 300 million euros in 2025. AdvertisementAdvertisementA Nokia spokesperson directed Insider to the company statement in response to a request for comment.

Persons: —, Pekka Lundmark, Lundmark Organizations: Nokia, Service, Microsoft Locations: Finland, Espoo, India, North America

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