Telecoms giant Nokia cuts 14,000 jobs in the face of 5G slowdown

He wants to confront the slowdown in activity in mobile infrastructures. The Finnish telecoms giant Nokia announced on Thursday October 19 that it would cut up to 14,000 jobs. The equipment manufacturer must in particular face a slowdown in investments by operators in North America in 5G, in a generally gloomy context for the technology giants. “In the third quarter, we saw an increased impact of macroeconomic challenges on our business”, CEO Pekka Lundmark said in a statement. Its cost reduction program “should lead to a workforce of 72,000-77,000 employees compared to the 86,000 that Nokia has today”said the group.

The group’s savings program is expected to deliver cost reductions of up to €1.2 billion by 2026, notably targeting mobile networks, as well as cloud and network services. Nokia expects “an upgrade” of its network activities “in the fourth trimester”.