Nokia to Downsize Staff Strength by around 14000 to Cut Costs

As part of a cost-cutting exercise, the Finnish telecom manufacturer Nokia has reportedly announced to lay off up to 14,000 employees.

Nokia now has a workforce of 86,000. It is planning to reduce the staff strength to 72,000–77,000.

The company took this decision following 20% fall in sales in 5G equipment in regions like America. At this juncture Nokia is trying to save between 800 million and 1.2 billion euros in costs, according to a report.

Nokia reduced its sales projection for the entire year from 23.2 billion euros to 24.6 billion euros after the second quarter, with a corresponding operating margin of 11.5% to 13%. The upper limit of that range was seen at 14% in the past.