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/ Nokia to let go 14,000 employees after 20% dip in revenue
Nokia to let go 14,000 employees after 20% dip in revenue
Nokia, the Finnish company that makes equipment for telecom networks, reported a 20% dip in sales QoQ. And to offset the impact it will let go of 14,000 employees, which is over 15% of the entire workforce. According to the CEO, sales of 5G equipment fell 40% in North America, and other major markets are also past their peak growth. The layoffs will allow Nokia to save 400 million euros by the end of 2024, and a further 300 million in 2025, the company estimates. The United States is one of the biggest markets for Nokia and fellow equipment provider Ericsson. The companies expect a...
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