Nokia will cut up to 10,000 jobs as the Finnish telecoms equipment maker tries to regain its competitiveness after losing out in the early rounds of 5G networks to Huawei and Ericsson.
The Finnish group on Tuesday said it would have 80,000-85,000 employees in 18-24 months, down from 90,000 today, as part of a “reset” of its cost position that would allow it to boost R&D investments.
Nokia maintained its financial guidance for this year but warned the job losses would cost it €600m-700m in restructuring charges up to 2023, with half of that coming in 2021.
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