Nokia plans to lay off up to 14000 employees after announcing a significant decline in third quarter profits.
The telecommunications equipment manufacturer stated that by the end of 2026, the company will reduce its staff from the current 86000 to 72000 to 77000.
Due to a 20% decrease in revenue to 4.98 billion euros, Nokia's profit decreased by 69% to 133 million euros, earning 2 cents per share. Analysts surveyed by Visible Alpha previously predicted a profit of 395 million euros and revenue of 5.66 billion euros.
Nokia stated that the company is moving towards the low end of the 2023 net sales range and the midpoint of the comparable operating profit margin range.

Nokia plans to lay off up to 14000 employees after announcing a significant decline in third quarter profits.
The telecommunications equipment manufacturer stated that by the end of 2026, the company will reduce its staff from the current 86000 to 72000 to 77000.
Due to a 20% decrease in revenue to 4.98 billion euros, Nokia's profit decreased by 69% to 133 million euros, earning 2 cents per share. Analysts surveyed by Visible Alpha previously predicted a profit of 395 million euros and revenue of 5.66 billion euros.
Nokia stated that the company is moving towards the low end of the 2023 net sales range and the midpoint of the comparable operating profit margin range.