Nokia 'old school' mobile

Nokia, the once goto mobile of choice for most to cut up to 14,000 jobs after 69% profit plunge

Nokia is planning to cut up to 14,000 jobs worldwide, or some16% of its workforce, as part of a cost-cutting plan following a 69% plunge in third-quarter profits. 

The Finnish technology company said the planned measures are aimed at reducing its cost base by between €800 million and €1.2 billion by the end of 2026. 

The cuts were announced as the company revealed a 20% drop in third-quarter sales, which fell to €4.98 billion from €6.24 billion a year earlier. The company’s biggest unit by revenue; the mobile networks business, declined 24% to €2.16 billion, driven mainly by weakness in the North American market. 

Nokia’s CEO Pekka Lundmark said the company was taking decisive action on three levels: strategic, operational and cost. He also reportedly said he remained confident about the opportunities ahead of the company.

I guess there’s not much else he could have said really.

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