Nokia on Tuesday said it plans to slash up to 10,000 jobs over the next two years as it forges ahead with a corporate restructuring.
The layoffs are part of a cost-cutting effort that will help free up funds for investments in research and development along with 5G and other projects, the Finnish telecom giant said.
Nokia expects to have 80,000 to 85,000 employees after it implements the scheme over the next 18 to 24 months, down from about 90,000 today. The exact number of layoffs will depend on “market developments” in the next two years, the company said.
The plan will lower Nokia’s total cost base by roughly 600 million euros (about $716 million) by the end of 2023, savings that will offset investments in R&D and future capabilities such as 5G, cloud and digital infrastructure, according to a news release.
Source: New York Post