Finnish telecommunications equipment manufacturer Nokia will cut up to 16% of its workforce as part of a cost-cutting program. reported on the company website.
In total, Nokia expects to reduce costs by 0.8-1.2 billion euros by the end of 2026, including cutting 9,000 – 14,000 employees from the current staff of 86,000 people.
“The most difficult business decisions are those that affect our employees. Nokia has extremely talented people and we will support everyone affected by this process,” said company President and CEO Pekka Lundmark.
According to him, cutting costs is a necessary step amid market uncertainty.
Lundmark stated in a Reuters commentary that Nokia sales in the company’s key market of North America fell by 40% in the third quarter.