Layoff News: Nokia Announces to Fire 14,000 Employees Amid Cost-Cutting

21 Oct, 2023 Author: Ayushee Joshi

Nokia Layoffs: The telecom giant Nokia recently released a cost-cutting strategy that included the announcement of 14,000 layoffs as a result of the company’s facing multiple challenges in a competitive market. The third quarter of 2023 is expected to see a 20% increase in the company's sales of 5G equipment. The new decision, Nokia said in a statement, is anticipated to bring about changes to the organisation, with 72,000 to 77,000 workers replacing the present 86,000 workers.

Nokia Sales in Third Quarter

The company's net revenues for the quarter have significantly decreased as compared to last year. According to the LSEG survey, revenues decreased to 4.98 billion euros from 6.24 billion euros, while the business had anticipated sales of 5.67 billion euros. Additionally, according to reports, the company’s revenues decreased by 15% in the third quarter compared to the same period the previous year. By 2026, the corporation hopes to save between 800 million and 1.2 billion euros while maintaining an operating margin of at least 14%.