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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 “address the challenging market environment.”
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.
This will reduce the number of employees currently from 86,000 to between 72,000 and 77,000.
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.
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