From Verdict, October 19:
Weakening demand for 5G equipment has seen the tech giant's sales plunge in recent months.
Finnish telecoms giant Nokia will axe up to 14,000 jobs to cut costs, the group said on Thursday (19 Oct), after it reported a 20% drop in sales in the third quarter of this year.
Nokia, which currently has 86,000 employees globally, hopes to cut between €800m and €1.2bn by 2026 by reducing its workforce to between 72,000 and 77,000.
The cost-cutting aims to save €400m in 2024, and €300m in 2025.
Competitor telecom equipment manufacturer Ericsson also axed 8,500 employees globally, 8% of its total headcount, as part of its cost-cutting plan in February this year.
Nokia attributed the drop in sales to a slowing demand for 5G equipment in countries like the US.
Earlier this month, European telecom operators were warned they may have to wait for the next European Parliament election in mid-2024 to push Big Tech to finance 5G infrastructure....
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