Nokia cuts costs, announces 10,000 job cuts by 2023

Finnish telecom equipment maker Nokia today announced that it will cut 11 percent of its workforce over two years to reduce costs while focusing on several key areas in the face of stiff competition from 5G networks.

Nokia announced a 600 million euro cost-cutting plan, saying its workforce will drop from around 90,000 today to 80,000 to 85,000 in the next 18 to 24 months.

Nokia told AFP that the French region is not part of this wave of job cuts. Nokia is still in the process of laying off more than 1,000 employees in France following its 2016 acquisition of Alcatel-Lucent.

Nokia’s recruitment of more than 1,200 new jobs related to 5G at its headquarters in Finland last year will also be largely preserved. Nokia said it expects the restructuring to have a positive impact on Finland.