Nokia to Lay Off 14,000 Employees

Nokia to Lay Off , 14,000 Employees.

The Finnish telecom company made the announcement on Oct.

19, CNN reports.

.

The job cuts are meant to reduce costs amid a "weaker" market environment.

Nokia projects that the layoffs will save the company at least $421 million next year.

By the end of 2026, Nokia expects to save nearly $1.3 billion.

The most difficult business decisions to make are the ones that impact our people, Nokia CEO Pekka Lundmark, via statement.

We have immensely talented employees at Nokia and we will support everyone that is affected by this process, Nokia CEO Pekka Lundmark, via statement.

The news of the job cuts was accompanied by a report of worse-than-expected Q3 2023 results.

Compared to a year ago, sales fell 15%, CNN reports.

Year-over-year mobile network sales also dropped 19%.

According to Nokia, “macroeconomic uncertainty and higher interest rates continue to pressure operator spending.”