Nokia announced that it will make a huge mass layoff. As part of this layoff, more than ten thousand employees will part ways. Nokia announced that it made this decision to reduce company expenses.
Although he was one of the most important names in the industry with the phones he launched in the past, he currently continues to work only on telecommunication technologies. nokiaAn important statement came from . Company CEO Pekka Lundmark, very big announced that there would be a mass layoff.
According to the statement made by Nokia, 9 thousand to 14 thousand He will part ways with the staff in 2020. This massive layoff means the company, which has 86 thousand employees, is almost 16 percent will cause it to shrink.
The reason for such a large layoff is to cut costs
CEO Pekka Lundmark explained that Nokia was going through a difficult financial period. According to Lundmark, sales increased in the third quarter compared to the previous year. 15 percent showed a decrease. However, increasing costs and other macroeconomic challengeshas led the company to make mass layoffs.
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Nokia’s mass layoff will reduce company expenses aiming to reduce one of the steps. In this context; The aim of the layoffs is to reduce expenses by around 400 million euros. The company will reduce its expenses by 2026 1.2 billion euros He wants to drop it. This large figure is a clear indication that new mass layoffs may be made…
Source :
https://www.globenewswire.com/en/news-release/2023/10/19/2762852/0/en/Inside-Information-Nokia-accelerates-strategy-execution-streamlines-operational-model-and-takes- action-to-protect-profitability.html