Finnish telecom equipment maker Nokia is set to lay off 14,000 people. The company is taking cost-cutting measures amid a decline in sales in the third quarter of this financial year. The major setback was the decline in the company’s 5G device sales.
By 2026, Nokia aims to achieve savings of 80 crore to 120 crore euros through cost-cutting measures. The company aims to collect 40 crore Euros in 2024 alone. This will speed up the dismissal process.
Once the layoffs are completed, the number of employees will be reduced from 86,000 to 72,000 to 77,000.
Ericsson, Nokia’s main rival in telecom equipment manufacturing, is facing similar losses. Ericsson also plans to lay off thousands of employees this year.