Nokia cuts 2,000 jobs in China, 350 in Europe as part of cost curbing, sources say
The Hindu
A Nokia spokesperson confirmed the company had opened consultations relating to laying off 350 employees in Europe.
Nokia has laid off close to 2,000 people or about a fifth of its employee base across Greater China and plans to cut another 350 jobs across Europe as part of efforts to lower costs, according to two sources familiar with the matter.
A Nokia spokesperson confirmed the company had opened consultations relating to laying off 350 employees in Europe but declined to comment on Greater China.
As of December 2023, Nokia had 10,400 employees in Greater China and 37,400 employees in Europe, according to its annual report.
The company laid out plans last year to cut up to 14,000 jobs to reduce costs and save between 800 million euros ($868 million) and 1.2 billion euros by 2026.
The cuts are part of that plan, the sources said.
China was once the second-largest market for Nokia. But after western countries started banning Huawei from 2019, contracts from Chinese telecom operators reduced for both Nokia and Ericsson.
In 2019, about 27% of Nokia's net sales came from Greater China compared with under 6% in the latest quarter.
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