Nokia Says It’s Going to Cut up to 14,000 Jobs

• Nokia said on Thursday it is planning to cut up to 14,000 jobs — or around 16% of its workforce.
• The company is planning to lower costs by up to 1.2 billion euros by 2026.
• In a separate statement, the company said sales declined by 15% in the third quarter.

Finland-based mobile company Nokia said on Thursday it is planning to cut between 9,000 to 14,000 jobs. The higher end of these cuts would equate to around 16% of the company’s current workforce of 86,000.

The layoffs are part of cost-cutting measures to reduce expenses by 400 million euros, or $421 million, in 2024. The company wants to reduce costs by 1.2 billion euros by 2026.

In a separate statement, Pekka Lundmark, the CEO of Nokia, said that the company’s third-quarter sales had declined by 15% compared to the previous year due to macroeconomic challenges and higher interest rates. 

Lundmark added that the company was expecting to meet the lower end of its sales targets in the third quarter.

Nokia did not immediately respond to a request for comment from Insider.