Updated Oct. 19, 2023 4:21 am ET
Nokia plans to cut thousands of jobs as it seeks to save up to 1.2 billion euros ($1.26 billion) amid a sharp downturn in spending by telecom operators.
The Finnish telecommunications company said it could cut as much as 16% of its workforce, with demand weakening in its network-infrastructure and mobile-networks businesses as customers face a tough macroeconomic environment beset by high inflation and rising interest rates. Operators are also working through stockpiles of inventory that were ordered during previous periods of tight-supply.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Source: finance.yahoo.com
Related posts:
Jerome Powell could spark a serious stock market surge—even though he’s not cutting rates, Wall Stre...
Prediction: This Artificial Intelligence (AI) Stock Is Going to Make Big Moves in 2025. Here's Why.
Jeremy Grantham still expects the S&P 500 to plunge by 50% from its peak — here are 3 recession-...
Wall Street May Be Underestimating This Artificial Intelligence (AI) Stock: 2 Reasons Why You Should...
Beyond Nvidia: 2 Artificial Intelligence (AI) Stocks to Buy Before They Soar 91% and 154%, According...