Nokia to slash 14,000 jobs by 2026 due to 5G slowdown

Nokia is set to undertake a substantial workforce reduction, with the goal of cutting as many as 14,000 jobs as part of a broader cost-cutting strategy. The Finnish company specifically attributed its decision to its underwhelming performance in the North American market in terms of 5G equipment sales, despite the rapid deployment of 5G technology in India.
Notably, in 2021, Nokia had already revealed its intention to reduce its workforce by a range of 5,000 to 10,000 employees over the next two years. This new announcement is an extension of that plan.

Nokia CEO Pekka Lundmark said: “Our third quarter performance demonstrated resilience in our operating margin despite the impact of the weaker environment on our net sales. In the last three years we have invested heavily to strengthen our technology leadership across the business giving us a firm foundation to weather this period of market weakness.
"We continue to believe in the mid to long term attractiveness of our markets. Cloud Computing and AI revolutions will not materialise without significant investments in networks that have vastly improved capabilities. However, given the uncertain timing of the market recovery, we are now taking decisive action on three levels: strategic, operational and cost. I believe these actions will make us stronger and deliver significant value for our shareholders."