Nokia has announced upcoming layoffs that will affect thousands of employees. Around 14,000 workers will be laid off, in an effort to greatly reduce the company headcount and to cut company costs. The layoffs will reduce the company’s financial costs by over 400 million dollars for the upcoming year, and over 1 billion dollars for the next couple of years. Nokia states that the layoffs will put the company in a good position for the predicted weak future market conditions. Nokia’s layoff announcement came as the company’s third-quarter earnings were released, and they were lower than predicted. The third-quarter earnings this year have been 15% lower than third-quarter earnings from last year, and mobile network sales have fallen by 19% compared to the previous year.
See "Nokia announces layoffs that will affect thousands of workers", Michelle Toh, CNN, October 19, 2023