Nokia Plans to Cut 14,000 Jobs in Overhaul to Shave Costs
- The cuts represent up to 16% of the company’s workforce
- Nokia’s operating profit missed estimates in the third quarter
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Nokia Oyj plans to cut as many as 14,000 jobs, or 16% of its workforce, as a dearth of investment in fifth-generation mobile infrastructure forces it to take cost-cutting measures.
The move is expected to save as much as €400 million ($421 million) next year and an additional €300 million in 2025, the Espoo, Finland-based mobile network company said in a statement Thursday.