Nokia to lay off thousands of workers

(Patria) - Nokia will eliminate up to 14,000 jobs in a major cost-cutting move.

The Finnish telecommunications giant announced this move as part of a broader restructuring, which will reduce its organization to 72,000 to 77,000 employees, from the current 86,000.

Nokia stated that it will reduce its cost base and increase operational efficiency to address the challenging market environment, reports SEEbiz.

Its goal is to reduce its gross cost base from this year by between 800 million and 1.2 billion euros by the end of 2026.

The significant layoffs come after Nokia announced that net sales in the third quarter fell 20 percent year-on-year to 4.98 billion euros.

Profit in that period fell 69 percent year-on-year to 133 million euros.