Nokia to sack 14,000 empty amid slumping sales
New Delhi: Telecom equipment maker Nokia announced that it plans to cut costs by up to 16 per cent across the globe to cut costs following a decline in sales and profits in the third quarter.
Funniland’s company said the move was aimed at reducing costs and improving arrangements “to deal with the current uncertainty of the market”.
Nokia said in a statement that the company aims to reduce its cost base by the end of 2026 by between 800 million euros ($ 843 billion) and 1.2 billion euros. With this move, the number of employees of the company will be reduced to between 72,000 and 77,000, which is now 86,000 thousand. Revenue from the mobile network business, the company’s largest unit by revenue, fell 24 percent to 2.16 billion euros. The operating profit of this unit has fallen by 64 percent. The main reason for this was the weak trend of the North American market.