NOKIA PLANS TO CUT UP TO 14.000 JOBS AFTER SALES AND PROFITS PLUNGE IN A WEAK MARKET

Telecom gear maker Nokia said 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 following a plunge in third-quarter sales and profit.

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The Finnish company, one of the world’s main suppliers of high-speed 5G wireless networks, said it’s trying “to navigate the current market uncertainty” as higher interest rates take a toll.

The company said it is aiming to slash 800 million euros ($843 billion) to 1.2 billion euros in costs by the end of 2026. That is expected to lead to a reduction from 86,000 employees to between 72,000 and 77,000 over that time period.

Nokia’s third-quarter sales plummeted 20%, to 4.98 billion euros from 6.24 billion in the same three-month period last year. Comparable net profit plunged to 299 million euros in the July-to-September quarter from 551 million a year earlier.