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Nokia Slashing 14,000 Jobs As Profit Sees Sharp Decline
Nokia, which currently has 86,000 employees on its rolls, plans to bring the headcount down to between 72,000 and 77,000.
New Delhi: Amidst shrinking growth, Finnish telecom equipment giant Nokia has announced that it would cut up to 14,000 jobs. The job cut is part of a cost-cutting drive following a sharp decline in the company’s third-quarter earnings.
Nokia, which currently has 86,000 employees on its rolls, plans to bring the headcount down to between 72,000 and 77,000.
The huge layoffs come after Nokia reported third-quarter net sales declined 20 per cent year-on-year to 4.98 billion euros, while the company’s profit fell by a whopping 69 per cent year-on-year to 133 million euros as sales of 5G equipment slowed in major markets such as the US.