Nokia To Slash Over 2,000 Jobs
The company plans to reduce nearly 2,000 jobs in Greater China and another 350 positions across Europe
Nokia, the Finnish tech giant, has announced a fresh wave of layoffs, with plans to reduce nearly 2,000 jobs in Greater China and another 350 positions across Europe. These job cuts are part of Nokia's broader initiative to streamline operations and cut costs by up to 1.2 billion euros by 2026. While a Nokia spokesperson confirmed the job cuts in Europe, they declined to comment on the reported cuts in China.
As of the end of 2023, Nokia employed 10,400 people in Greater China and 37,400 in Europe. The company had previously revealed intentions to cut up to 14,000 jobs as part of its cost-saving measures.
Nokia’s sales in China have seen a sharp decline since 2019, when Western countries banned Huawei, leading to a drop in contracts from Chinese telecom operators. Once Nokia’s second-largest market, Greater China now contributes less than 6 per cent to the company’s net sales, down from 27 per cent in 2019.
In related news, Meta also announced layoffs this week, affecting teams at WhatsApp, Instagram and Threads, though the exact number of impacted employees remains undisclosed.
