Nokia plans 2,000 China, 350 Europe layoffs, 14k global job cuts by 2026, targeting €800-1.2bn in savings.

Nokia is set to lay off about 2,000 employees in Greater China and 350 in Europe as part of its plan to reduce costs. These cuts are part of a broader initiative to eliminate up to 14,000 jobs globally by 2026, aiming for savings of €800 million to €1.2 billion. The company has already achieved €500 million in savings and currently employs over 78,500 people, down from around 86,000. Despite the layoffs, Nokia reported a 9% increase in third-quarter operating profits.

October 17, 2024
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