Nokia to cut up to 10,000 jobs over next 2 years
Published: 02:54 PM, 16 March 2021
Finnish telecoms equipment maker Nokia said it plans to cut up to 10,000 jobs within the next two years to trim costs and invest more in research capabilities.
The company expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023, it said in a statement on Tuesday.
Nokia expects the restructuring to lower its cost base by about 600 million euros by the end of 2023. Half of the savings are expected to be realised in 2021.
These savings will offset increased investments in research and development and future capabilities and costs related to salary inflation, the company said. - Reuters, AFP