{"id":31868,"date":"2023-10-19T13:05:00","date_gmt":"2023-10-19T13:05:00","guid":{"rendered":"https:\/\/innodebt.com\/investing\/nokia-to-cut-as-many-as-14000-jobs-as-profit-drops-by-69\/"},"modified":"2023-10-19T13:05:01","modified_gmt":"2023-10-19T13:05:01","slug":"nokia-to-cut-as-many-as-14000-jobs-as-profit-drops-by-69","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=31868","title":{"rendered":"Nokia to cut as many as 14,000 jobs as profit drops by 69%"},"content":{"rendered":"
\n

Nokia on Thursday set out plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit. <\/p>\n

The telecom equipment maker said it\u2019s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026. Nokia
\n NOKIA,
\n -5.84%<\/bg-quote><\/p>\n

NOK,
\n -2.87%<\/bg-quote>
\n said that could save the company as much as \u20ac1.2 billion ($1.3 billion), or up to 15% of personnel expenses.<\/p>\n

\n

\u201cWe continue to believe in the mid to long term attractiveness of our markets. Cloud Computing and AI revolutions will not materialize without significant investments in networks that have vastly improved capabilities. However, given the uncertain timing of the market recovery, we are now taking decisive action on three levels: strategic, operational and cost. I believe these actions will make us stronger and deliver significant value for our shareholders,\u201d said Pekka Lundmark, president and chief executive, in a statement.<\/p>\n

The company didn\u2019t provide a regional breakdown of the job cuts but said it will \u201cact quickly\u201d as it targeted mobile networks, cloud and network services, as well as its corporate function, for cuts. <\/p>\n

Nokia\u2019s profit dropped by 69% to \u20ac133 million, or 2 cents a share, as revenue fell 20% to \u20ac4.98 billion. Analysts polled by Visible Alpha forecast earnings of \u20ac395 million on revenue of \u20ac5.66 billion. <\/p>\n

Nokia shares dropped 4%, and have fallen by 28% this year.<\/p>\n

In echoes of what rival Ericsson
\n ERIC.B,
\n -1.48%<\/bg-quote>
\n said on Tuesday, Nokia said a slowdown in India\u2019s 5G deployment could not offset the situation in North America.<\/p>\n

Nokia said it\u2019s tracking toward the lower end of its net sales range for 2023 and toward the mid-point of its comparable operating margin range.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nokia on Thursday set out plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit. The telecom equipment maker said it\u2019s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026. Nokia NOKIA, -5.84% NOK, -2.87% said that […]<\/p>\n","protected":false},"author":1,"featured_media":31869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-31868","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nNokia to cut as many as 14,000 jobs as profit drops by 69% | Innodebt<\/title>\n<meta name=\"description\" content=\"Nokia on Thursday set out plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit. 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