Finland Nokia The headquarters of the Finnish telecommunications company Nokia in Espoo, Finland, Tuesday, May 16 March 2021 Nokia announced plans to add up to 10 worldwide over the next two years000 jobs to be cut in order to achieve savings of around 600 million euros by the end of 2023 (Heikki Saukkomaa / Lehtikuva via AP) (Heikki Saukkomaa)
HELSINKI – (AP) â ???? Wireless network maker Nokia plans to cut up to 10000 jobs or more than 10% of its employees to cut costs as the company invests in research and development and seeks to cement its role as a major 5G technology provider
The restructuring means that the number of employees is expected to increase to 80 over a period of up to two years000 to 85000 employees will decrease, Nokia said on Tuesday. By 2023, the costs should be around 600 million USD (715 million USD) will be reduced
The Finnish company did not specify any countries or geographic areas affected by the measure, but said the cuts would be implemented in its four main areas of business
“Decisions that have a potential impact on our employees are never taken lightly,” Nokia CEO Pekka Lundmark said in a statement Making sure we have the right setup and features is a necessary step to long term business to achieve sustainable performanceâ ????
The company, based in Espoo, Finland, said the expected savings would offset increased investment in R&D, future capabilities and costs related to wage inflation ”
Aside from increasing investments in 5G – the new generation of broadband technology where Nokia is competing with China’s Huawei and Sweden’s Ericsson and, more recently, South Korea’s Samsung – Nokia said it would also invest in cloud and digital infrastructure
â ???? In the areas where we choose to compete, we will play to win, so we improve product quality and cost competitiveness and invest in the right skills and abilities Said Lundmark
On Monday, Nokia announced separate contracts for partnerships with Amazon, Google and Microsoft to develop cloud technologies and develop cloud-based 5G solutions for businesses
Lundmark, a former executive of the company in the 1990s, took over the top spot from Nokia in August and has announced that it will make Nokia the leader in 5G, also at the company’s expense Short-term profitability Within six months he has revised the company’s strategy and organization
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World news – FI – Nokia cancels up to 10000 digits to power up R&D in 5G race