{"id":31718,"date":"2023-10-19T06:20:29","date_gmt":"2023-10-19T06:20:29","guid":{"rendered":"https:\/\/prosfunds.com\/news\/nokia-to-cut-up-to-14000-jobs-after-profit-plunges\/"},"modified":"2023-10-19T06:20:31","modified_gmt":"2023-10-19T06:20:31","slug":"nokia-to-cut-up-to-14000-jobs-after-profit-plunges","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=31718","title":{"rendered":"Nokia to cut up to 14,000 jobs after profit plunges"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Nokia<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> on Thursday said it would cut up to 14,000 jobs as part of a cost reduction plan following a plunge in third-quarter earnings.<\/p>\n<p>The Finnish telecommunications giant said that it will reduce its cost base and increase operation efficiency to &#8220;address the challenging market environment.&#8221;<\/p>\n<p>It is targeting to lower its cost base on a gross basis from 2023 by between 800 million euros ($842.5 billion) and 1.2 billion euros by the end of 2026.<\/p>\n<p>This will reduce the number of employees currently from 86,000 to between 72,000 and 77,000.<\/p>\n<p>The substantial layoffs come after Nokia reported third-quarter net sales declined 20% year-on-year to 4.98 billion euros. Profit over the period plunged by 69% year-on-year to 133 million euros.<\/p>\n<p>One of the world&#8217;s largest telecommunications equipment makers, Nokia has been facing headwinds from a slowing global economy and from infrastructure spending reductions made by mobile operators.<\/p>\n<p>Sales from Nokia&#8217;s biggest unit by revenue, its mobile networks business, declined 24% year-on-year to 2.16 billion euros, with operating profit for the division diving 64% year-on-year.<\/p>\n<p>Nokia said this was mainly driven by declines in North America. The company also described sale volumes in India as &#8220;moderated,&#8221; as 5G deployments &#8220;normalize.&#8221;<\/p>\n<p>5G is next-generation mobile internet that promises faster speeds.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/10\/19\/nokia-to-cut-up-to-14000-jobs-after-profit-plunges-.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nokia on Thursday said it would cut up to 14,000 jobs as part of a cost reduction plan following a plunge in third-quarter earnings. The Finnish telecommunications giant said that it will reduce its cost base and increase operation efficiency to &#8220;address the challenging market environment.&#8221; It is targeting to lower its cost base on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-31718","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nokia to cut up to 14,000 jobs after profit plunges | Prosfunds<\/title>\n<meta name=\"description\" content=\"Nokia on Thursday said it would cut up to 14,000 jobs as part of a cost reduction plan following a plunge in third-quarter earnings.The Finnish\" \/>\n<meta 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