Nokia plans to cut up to 14000 jobs worldwide

Nokia said Thursday that it is planning to cut up to 14,000 jobs worldwide, or 16 per cent of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit.

The Finnish company, one of the world’s main suppliers of high-speed 5G wireless networks, said it’s trying “to navigate the current market uncertainty” as higher interest rates take a toll.

The company said it is aiming to slash 800 million euros ($843 billion) to 1.2 billion euros in costs by the end of 2026.