Nokia will reduce its workforce by up to 14,000 employees as profits decline

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[{"selector":"#anim-8d9fb668-0b9d-4502-81b8-78325f95b87b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5fe6d2cf-d6c7-4ed7-b528-3f0311fdc469","keyframes":{"transform":["translate3d(0px, 145.18026%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5097149d-0078-4667-97ab-c80047156ba2","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7f37abf5-a515-459e-96fa-2abe78c42a60","keyframes":{"transform":["translate3d(-153.49999%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-75c7d749-60f9-4477-82f8-d68bcac058b0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-7.72862797411526%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The move is expected to increase operational efficiency and help deal with challenges in the market. White Scribbled Underline

[{"selector":"#anim-b7cc492d-c6dd-499b-9d80-678e2f31dc05","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b519113a-1309-4504-a279-4ae75cdaf905","keyframes":{"transform":["translate3d(0px, 167.69682%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-62f39f95-2ce7-4463-9f34-3054558d9dd6","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2ce3de78-6ec9-47e4-ab6d-ffd5715c620b","keyframes":{"transform":["translate3d(-153.49999%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-02ef7fcb-34f5-42e7-9ab4-b71a69d4f91c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5c7ba58e-6deb-4d58-a4d9-5e604bea8524","keyframes":{"transform":["translate3d(0px, -96.16859%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] It aims to lower its gross cost between 800 million euros and 1.2 billion euros beginning 2023 through the end of 2026. White Scribbled Underline

[{"selector":"#anim-378d96d3-55ef-4706-adb2-7b8ae9eac6b4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b6564a3e-47fe-4caa-a0ca-1ae2ceb6c4d7","keyframes":{"transform":["translate3d(0px, 166.37233%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72acdc4b-22a5-4832-9f78-66d141ed12ae","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a3c1e34d-7e9f-4eca-9b3b-cf92b23e2117","keyframes":{"transform":["translate3d(-153.49999%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1b006cc3-8110-431a-88b9-2e90c50c33c8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-495c3cd9-3249-4f7b-80c0-db0d42e440bd","keyframes":{"transform":["translate3d(0px, -95.46337%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The total number of employees will therefore reduce from 86,000 to anywhere between 72,000 to 77,000. White Scribbled Underline

[{"selector":"#anim-7dfa2d54-7333-46e3-aa24-a57f96a6371a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-250f59bb-7d63-45c5-bc1a-fff8280ed5da","keyframes":{"transform":["translate3d(0px, 158.13382%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-163e5e57-3e44-4037-9b7c-000789a397ee","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7fb368ec-3cd3-4bd0-972f-f25c285bd6b2","keyframes":{"transform":["translate3d(-153.49999%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b51dea35-863b-47ee-b800-d524b9e10bbd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.499999772451451%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Profits declined by 69% to 133 million euros, including sales from its mobile network business which declined 24% to 2.18 billion euros. White Scribbled Underline

[{"selector":"#anim-809bf990-2b48-4f39-a718-c9fae73a94f5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3951119a-cb30-43f3-bc0e-8854de9bf0ae","keyframes":{"transform":["translate3d(0px, 184.22038%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ce5649db-ebca-4f0a-9b20-1fa17083cc15","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-33a22080-48d7-4afc-8936-8c5307da9493","keyframes":{"transform":["translate3d(-153.49999%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d6094d6d-25d2-4300-99b9-8c4398afe016 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(21.874999829338595%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Early in 2023, Nokia competitor Ericsson had also announced its plan to cut 8,500 jobs to cut costs. White Scribbled Underline

[{"selector":"#anim-f00ff5bc-0bd4-475d-9b56-c1adf4ea6e3b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b79cc17d-1281-420e-aa4b-0dd9026a9dfe","keyframes":{"transform":["translate3d(0px, 217.29803%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a2fcb47f-1113-4f0f-80e1-2b418523e4de","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8dea57f4-d26b-4e05-9acc-9c2822d64ab6","keyframes":{"transform":["translate3d(-153.49999%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-980c365e-25e2-484b-a39b-8663e5c4f6ff","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-02c388c6-c3aa-49ff-8b55-1496a745c24f","keyframes":{"transform":["translate3d(0px, -91.06323%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Verizon and AT&T have also taken several cost-cutting measures so far. White Scribbled Underline