Nokia to cut up to 14,000 jobs after 69% profit plunge
Publishing timestamp: 2023-10-19 13:46:49
Summary
Nokia plans to cut up to 14,000 jobs as part of a cost-cutting plan following a plunge in third-quarter earnings. The company aims to reduce its cost base and increase operational efficiency to address the challenging market environment. The layoffs come after Nokia reported a decline in net sales and profit for the third quarter. The company's mobile networks business saw a significant decline in sales, particularly in North America. Nokia's CEO remains confident in the fundamental drivers of the business, but the article highlights the uncertainty impacting the telecommunications equipment industry.
Sentiment: NEGATIVE
Tickers: NOKIA-FI, VZ, ERIC, ERIC.B-SE,
Keywords: personnel, verizon communications inc, breaking news: europe, breaking news: technology, united states, labor economy, nokia oyj, india, telefonaktiebolaget lm ericsson, business news, earnings, lm ericsson telefon,
Source: https://www.cnbc.com/2023/10/19/nokia-to-cut-up-to-14000-jobs-after-profit-plunges-.html