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Nokia to Cut Thousands of Jobs as Sales Drop

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Finnish telecommunications giant Nokia has announced plans to slash between 9,000 and 14,000 jobs by the end of 2026 in an effort to reduce costs. The decision comes as the company reported a 20% decline in sales between July and September, which it attributed to slowing demand for 5G equipment in markets such as North America. Currently employing 86,000 people worldwide, Nokia has been steadily cutting jobs since 2015. The company aims to cut costs by €800m to €1.2bn ($930m to $1.4bn) by 2026. Despite the uncertain market recovery, Nokia’s CEO Pekka Lundmark expressed optimism for an improvement in the network business in the current quarter.