Nokia, the Finnish telecommunications giant known for its 5G equipment,

Nokia announced its intention to reduce its workforce by up to 14,000 employees

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This job reduction is part of a broader restructuring initiative aimed at lowering the company’s headcount

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The primary goal is to achieve a 10% to 15% reduction in staffing expenses and generate cost savings of at least €400 million

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Overall, Nokia anticipates that these measures will lead to cumulative cost savings of up to €1.2 billion

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Nokia’s decision to initiate this significant restructuring came as the company reported worse-than-expected

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Sales during this period witnessed a 15% decline compared to the same period the previous year.

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