Nokia Layoff 2023: Nokia is laying off 14,000 employees - Digital Done

Finnish telecommunications equipment group Nokia is planning to cut 14,000 jobs, according to reports after a significant 20 percent third-quarter sales drop due to sluggish 5G device sales. The decision comes as Nokia struggles with challenges in key markets such as North America.

The company aims to achieve savings of 800 million euros ($842 million) to 1.2 billion euros by 2026, working to reach its long-term goal of a comparable operating margin of at least 14 percent by the same year. According to a statement released by Nokia, the initiative is expected to transform the company from its current 86,000 employees to a more streamlined workforce of 72,000-77,000.

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