Nokia has announced plans to cut up to 10,000 jobs worldwide over the next two years.
The telecommunications company operating in Espoo announced its intention in its statement "reset cost base," The goal is to save about 600 million euros by the end of 2023.
The company said the cuts will offset investment in research and development focused on 5G and cloud services. The development may mean a net increase in jobs in Finland as the company continues to hire experts in 5G technology.
Nokia currently employs approximately 90,000 people worldwide.
"Decisions that can have a potential impact on our employees are never taken lightly. Ensuring the right settings and capabilities is a necessary step to deliver sustainable long-term performance. My priority is to ensure that everyone affected is supported by this process," said the company’s CEO Pekka Lundmark in the opinion.
Despite a 6 percent drop in sales, Nokia reported increased profits last year. The company made EUR 918 million in 2020, compared to EUR 485 million in 2019.
Source: The Nordic Page