ALBAWABA - Nokia has announced its intention to cut 14,000 jobs as part of a cost-cutting plan after revealing a decline in third-quarter profits.
The Finnish company disclosed its plans to reduce the cost base and improve operational efficiency to address a challenging market environment.
Nokia aims to reduce the cost base starting from 2023, ranging from 800 million euros to 1.2 billion euros by the end of 2026.
This plan is expected to reduce the number of employees from 86,000 to a range of 72,000 to 77,000.
The massive workforce reduction announcement comes after Nokia reported a 20% year-on-year decrease in third-quarter net sales to 4.98 billion euros.
Additionally, net profits plummeted by 69% to 133 million euros.
