Nokia said it would slash up to 14,000 jobs as part of a cost-cutting programme as the Finnish telecom equipment maker’s customers scale back spending.
The group said on Thursday it was targeting cost cuts of up to €1.2bn by 2026 as it laid out plans to reduce its workforce to between 72,000 and 76,000, down from the 86,000 it currently employs.
A combination of higher interest rates and slower global growth prompted its customers to retrench, Nokia said. The group’s third-quarter sales fell by a fifth.
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