Nokia Announces 14,000 Job Cuts in Response to Q3 2023 Earnings Plunge
The post Nokia Announces 14,000 Job Cuts in Response to Q3 2023 Earnings Plunge appeared on BitcoinEthereumNews.com. Nokia’s cost reduction plan is a strategic move aimed at addressing the challenging market environment it currently faces. Finnish telecommunications giant Nokia Oyj (HEL: NOKIA) has revealed plans to cut up to 14,000 jobs as part of a comprehensive cost reduction strategy, prompted by a substantial drop in Q3 2023 earnings. Nokia Job Cut Reduction Strategy According to reports, Nokia’s decision to cut jobs and streamline its operations is in direct response to its third-quarter earnings report, which made clear the extent of the company’s challenges. The company reported a substantial 20% year-on-year decline in net sales, which dropped to 4.98 billion Euros. Additionally, profit for the period plummeted by a staggering 69% year-on-year, coming in at just 133 million Euros. One of the primary factors contributing to Nokia’s earnings decline is the slowing global economy. The telecommunications industry is highly sensitive to economic fluctuations, and as the global economy faces headwinds, companies like Nokia inevitably feel the impact. Additionally, mobile operators’ decisions to cut back on infrastructure spending have also taken a toll on Nokia’s financial performance. Nokia’s cost reduction plan is a strategic move aimed at addressing the challenging market environment it currently faces. The company intends to enhance its operational efficiency and trim down its cost base, starting in 2023. Nokia has set a target to reduce its cost base by between 800 million Euros ($842.5 million) and 1.2 billion Euros by the end of 2026. This reduction is expected to result in a downsizing of the workforce, taking the number of employees from its current 86,000 down to a range between 72,000 and 77,000. Mobile Networks Business Struggles Nokia, like many other technology companies, has been affected by a slowing global economy. Reduced consumer spending and uncertainty in the market have had a ripple effect on…
The post Nokia Announces 14,000 Job Cuts in Response to Q3 2023 Earnings Plunge appeared on BitcoinEthereumNews.com.
Nokia’s cost reduction plan is a strategic move aimed at addressing the challenging market environment it currently faces. Finnish telecommunications giant Nokia Oyj (HEL: NOKIA) has revealed plans to cut up to 14,000 jobs as part of a comprehensive cost reduction strategy, prompted by a substantial drop in Q3 2023 earnings. Nokia Job Cut Reduction Strategy According to reports, Nokia’s decision to cut jobs and streamline its operations is in direct response to its third-quarter earnings report, which made clear the extent of the company’s challenges. The company reported a substantial 20% year-on-year decline in net sales, which dropped to 4.98 billion Euros. Additionally, profit for the period plummeted by a staggering 69% year-on-year, coming in at just 133 million Euros. One of the primary factors contributing to Nokia’s earnings decline is the slowing global economy. The telecommunications industry is highly sensitive to economic fluctuations, and as the global economy faces headwinds, companies like Nokia inevitably feel the impact. Additionally, mobile operators’ decisions to cut back on infrastructure spending have also taken a toll on Nokia’s financial performance. Nokia’s cost reduction plan is a strategic move aimed at addressing the challenging market environment it currently faces. The company intends to enhance its operational efficiency and trim down its cost base, starting in 2023. Nokia has set a target to reduce its cost base by between 800 million Euros ($842.5 million) and 1.2 billion Euros by the end of 2026. This reduction is expected to result in a downsizing of the workforce, taking the number of employees from its current 86,000 down to a range between 72,000 and 77,000. Mobile Networks Business Struggles Nokia, like many other technology companies, has been affected by a slowing global economy. Reduced consumer spending and uncertainty in the market have had a ripple effect on…
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