Nokia Slashing 14,000 Jobs As Profit Sees Sharp Decline

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.