Nokia to cut up to 10,000 jobs by 2023

Finnish telecoms equipment maker Nokia announced Tuesday it will slash up to 11 per cent of its workforce within two years as the firm looks to cut costs and focus on a few key areas in the face of tough competition over super-fast 5G networks.

Announcing a 600-million-euro ($715-million) cost-cutting programme, it said it expects to become “an 80,000-85,000 employee organisation, over an 18-24-month period, instead of the approximately 90,000 employees Nokia has today.”

The company said it is “too early to comment in detail” on where the job cuts will take place, but told AFP that “France is excluded due to previously announced planned restructuring.”

The loss of over 1,000 jobs in France is still underway following Nokia’s 2016 takeover of Alcatel-Lucent.