- Quarterly comparable sales drop 20%
- Seeks cost saving of 800 mln euros to 1.2 bln euros by 2026
- Employee count to fall to 72,000-77,000 from 86,000
- Sales in North American market down 40% in Q3 – CEO
- We simply don’t know when market will recover – CEO
[1/2]New Nokia’s logo is displayed before GSMA’s 2023 ahead of the Mobile World Congress (MWC) in Barcelona, Spain February 26, 2023. REUTERS/ Albert Gea Acquire Licensing Rights
STOCKHOLM/HELSINKI, Oct 19 (Reuters) – Finnish telecom gear group Nokia (NOKIA.HE) will cut up to 14,000 jobs to reduce costs, it said on Thursday, after weaker demand for next-generation 5G equipment lowered third-quarter sales by a fifth, adding it did not expect a market recovery soon.
The company’s shares were down 5% in early trade.
As demand has slowed in countries such as the United States, Nokia and rival Ericsson (ERICb.ST) have tried to offset some of the…
