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UAE operator etisalat by e& has been busy of late. Two more partnerships with Ericsson have been announced to add to this week’s 5G downlink speed record achieved alongside the tech giant.

Nokia To Axe Up To 14,000 Jobs To Cut Costs

COVID, demand, the economy, over hiring, supply issues, and more has left the tech industry reaching for a restructure.

Nokia, the Finnish manufacturer of equipment for telecom networks, has announced that it will be making 14,000 employees redundant because of weaker demand for 5G equipment.

The telecoms giant said it will embark on a host of cost-cutting measures over the next three years, which includes a workforce reduction plan.

Peter Nyquist: Hello, everyone, and welcome todays Ericssons Third Quarter 2023 Results.

Nokia said it would cut up to 14,000 jobs as part of a cost cutting plan following third quarter earnings that plunged.

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

Nokia to cut up to 14,000 jobs after profit slump. Nokia's share price fell 2% to €3.26 at around 06:00 GMT. The group's savings program is expected to generate cost reductions of up to €1.200 billion by 2026. The telecommunications equipment maker is immersed in a battle for 5G networks with its Swedish rival Ericsson and China's Huawei, saw its sales fall by 20%, to 4,982 million euros, in the third quarter compared to 2022.

Finnish telecom giant Nokia said Thursday it would cut up to 14,000 job as profits fell on weakening demand for its 5G equipment in North America.Nokia had hoped that its 5G rollout in India would compensate for a slowdown in spending by North American telecom operators this year, but was faced with a disappointment.