Nokia unveils plan to cut 14,000 jobs, putting UK staff at risk
The Finnish technology company said the move was part of efforts to save up to 1.2 billion euros (1.04 billion pounds) over the three-year period.
The announcement came as the Finnish technology company reported that sales fell by a fifth in the quarter ended September.
The company had hoped the recent rollout of 5G networks would boost trading, but on Thursday (October 19) blamed a decline in demand technology for his drop in sales.
Our comparable operating margin of 8.5% in the third quarter remained stable despite the weaker market environment.
Read the third quarter financial report to learn more about the critical actions we are taking to accelerate the execution of our strategy. pic.twitter.com/avh0N2xtXy
— Nokia (@nokia) October 19, 2023
Nokia plans to cut 14,000 jobs by the end of 2026
Nokia announced it would cut up to 14,000 jobs by the end of 2026, reducing its workforce to between 72,000 and 77,000 from the current 86,000.
Jobs in the UK could be at risk as Nokia has offices in Bristol, Cambridge and Reading, but it is not yet known where the workforce cuts will take place.
Pekka Lundmark, president and CEO of Nokia, said: “The hardest thing Business The decisions we make have an impact on our employees.
“We have extremely talented people at Nokia and will support everyone affected by this process.
“Realigning the cost base is a necessary step to adapt to market uncertainty and ensure our long-term profitability and competitiveness.
“We remain confident about the opportunities that lie ahead.”
