Nokia Layoffs: Tech Giant Likely To Cut Over 2,000 Jobs As Part Of Cost-Cutting Strategy

Nokia Layoffs 2024: China, once Nokia`s second-largest market, has seen a sharp decline in contracts from Chinese telecom operators after Western countries banned Huawei in 2019.

Nokia Layoffs 2024: Nokia, the Finland-based tech giant, has reportedly announced significant job cuts, with plans to eliminate nearly 2,000 positions in Greater China. Adding further, the company is looking to cut another 350 jobs in Europe as part of its broader cost-cutting measures.

The layoffs are part of Nokia's efforts to streamline operations and achieve cost savings of up to 1.2 billion euros by 2026. A Nokia spokesperson confirmed the job cuts in Europe but did not comment on those in China.

As of December 2023, Nokia employed 10,400 people in Greater China and 37,400 in Europe. Last year, the company revealed plans to cut up to 14,000 jobs to save between 800 million and 1.2 billion euros by 2026.

China, once Nokia's second-largest market, has seen a sharp decline in contracts from Chinese telecom operators after Western countries banned Huawei in 2019. Nokia’s net sales from Greater China, which accounted for 27% in 2019, have since dropped to less than 6% in the latest quarter.

Earlier this week, Meta also announced layoffs across its WhatsApp, Instagram, and Threads teams but did not disclose the number of affected employees.