Nokia Announces Massive Layoffs: 14,000 Workers to be Let Go

Nokia, the Finnish telecom giant, is set to join the layoff bandwagon, announcing plans to cut up to 14,000 jobs worldwide. This drastic measure comes as Nokia faces a challenging market environment and aims to reduce costs. The announcement follows a reported 20% dip in sales QoQ, impacting the telecom equipment maker.

Telecom gear maker Nokia said Thursday that it is planning to cut up to 14,000 jobs worldwide, or 16% of its workforce, as part of a push to reduce costs. Former phone giant Nokia saw a dramatic drop in profits and is now cutting up to 14,000 jobs in response.

Why is Nokia Cutting Jobs?

Nokia will slash up to 14,000 jobs in a major cost-cutting drive to address a “weaker” market environment, it said in a statement on Thursday. The Finnish telecoms giant Nokia is to axe between 9,000 and 14,000 jobs by the end of 2025 to cut costs. The announcement was made as the company reported a 20% drop.

Nokia, the Finnish company that makes equipment for telecom networks, reported a 20% dip in sales QoQ. And to offset the impact it will let go of 14,000 employees. Nokia is overhauling its business and slashing up to 14,000 jobs in an effort to counter challenging market conditions and the slowdown in deployment of 5G, particularly in [specific regions to be added if known].

Details of the Nokia Layoffs

Nokia announced layoffs of up to 14,000 employees and “expects to act quickly” on the cost-cutting measures to “address the market environment.” The layoffs are expected to impact various departments and locations globally. The Finnish telecom giant is aiming for significant cost savings through this restructuring. Details are still emerging about specific locations and roles affected, but this significant reduction in workforce signals a major shift for Nokia.