NokiaSlashing 14,000 JobsTo Cut Costs

15% revenue drop, cost-saving layoffs up to 14,000 by 2026

Nokia is planning to cut up to 14,000 jobs globally by the end of 2026 as part of a plan to reduce costs and navigate market uncertainties. The current workforce is of 86,000 people, which will reduce to be between 72,000 and 77,000 staff.
The job cuts come in response to a 15% drop in sales and are expected to save Nokia up to €1.2bn over three years.
The company faced a 20% drop in sales between July and September, which is being attributed to slowing demand for 5G equipment particularly in North America.
Nokia's cost reduction plan comes as a response to a weak third quarter which saw a significant dip in sales in all regions except India, the Middle East, and Africa.
The company expects its full-year 2023 outlook on net sales to remain between €23.2 billion ($24.5 billion) to €24.6 billion ($25.9 billion), despite the dip in quarterly sales.