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AP-National

Nokia plans to cut up to 14,000 jobs after sales and profits plunge in a weak market

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Published 2:05 AM

By JARI TANNER
Associated Press

HELSINKI (AP) — Telecom gear maker Nokia says it’s planning to cut up to 14,000 jobs worldwide, or 16% of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit. The Finnish company that is one of the world’s main suppliers of high-speed 5G wireless networks said Thursday that it’s trying “to navigate the current market uncertainty.” Nokia says it’s aiming to slash 800 million euros to 1.2 billion euros in costs by the end of 2026. That’s expected to lead to a reduction from 86,000 employees to between 72,000 and 77,000 over that time period.

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