Nokia to shed up to 14,000 jobs by 2026 after a 20% sales decline, citing reduced 5G demand and financial challenges. Cost savings target: €1.2bn.
has announced plans to cut between 9,000 and 14,000 jobs globally by the end of 2026 in an effort to reduce costs. This decision came after the company reported a 20% decline in sales during the third quarter, attributing the slump to decreased demand for 5G equipment, particularly in North America.aims to save between €800m and €1.2bn by 2026, citing the challenges posed by high inflation, rising interest rates, and reduced spending by its customers.
Nokia was once the world’s leading mobile phone manufacturer but struggled with the rise of smartphones like the iPhone and Samsung’s Galaxy. Post selling its handset division to, Nokia pivoted to focus on telecoms equipment. In 2020, after the UK restricted Huawei from its 5G networks, Nokia became BT’s primary equipment provider.
Kester Mann, an analyst at CCS Insight, commented on the surprising struggles of telecoms, stating that while the demand for services remains high, questions about the long-term future and relevance of operators continue to emerge. Furthermore, many tech companies, including Meta and Amazon, have been making redundancies due to economic challenges, although 80% of affected big tech workers found employment within three months.
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