Nokia, The Tech Giant, Announces Layoffs and Will Cut 15% Of Its Workforce; Factory Workers In Brazil May Be On The Radar Of The Drastic Decision That Promises To Save The Company R$ 6.41 Billion

Written by Flavia Marinho

Published on 20/10/2023 at 07:24

Nokia anunciou demissão em massa para enfrentar pressões econômicas e fábricas do Brasil podem ser afetadas / Imagem theinterpreter

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Nokia Will Cut Up to 14,000 Jobs to Reduce Billion-Dollar Costs and Save the Company from Economic Pressures

The Finnish technology giant, Nokia, announced a drastic change to face a challenging market and improve its financial position. The decision involves laying off up to 14,000 employees, representing a significant reduction in its workforce and factories in Brazil may be in the sights of the multinational. The cuts of thousands of jobs promise to reduce personnel costs by up to 15%, a bold move in response to recent difficulties.

The decision to cut 14,000 jobs will bring Nokia’s total workforce to a range between 72,000 and 77,000. Although it is a drastic measure, it is expected to help the company save at least 400 million euros (R$ 2.137 billion) by 2024, with expected cost reductions of 1.2 billion euros (R$ 6.41 billion) in 2026. This move demonstrates Nokia’s commitment to facing market challenges.

Nokia Boss Believes the Company Will Overcome the Crisis

Nokia’s decision to cut jobs came on the same day the company reported results below expectations. Third-quarter sales fell 15% compared to the same period in 2022. The company attributed this decline to macroeconomic uncertainty and higher interest rates, which pressured operators’ spending. Additionally, mobile network sales fell 19% due to a slowdown in the implementation of 5G in markets like India.

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Despite the challenges and the announcement of job cuts, Nokia maintained its outlook for 2023, forecasting sales between 23.2 billion and 24.6 billion euros (R$ 123.96 billion and R$ 131.44 billion) for the entire year.

As Nokia faces economic uncertainties and a slowdown in 5G adoption, the company’s CEO, Pekka Lundmark, reiterates confidence in the Finnish multinational’s ability to remain strong amid market challenges. The situation continues to evolve as Nokia works to achieve its goal of reducing costs and thriving in a competitive landscape. Who knows, in the near future, the company might announce job openings again.

Nokia, The Tech Giant, Announces Layoffs and Will Cut 15% Of Its Workforce; Factory Workers In Brazil May Be On The Radar Of The Drastic Decision That Promises To Save The Company R$ 6.41 Billion

Nokia Will Cut Up to 14,000 Jobs to Reduce Billion-Dollar Costs and Save the Company from Economic Pressures

Nokia Boss Believes the Company Will Overcome the Crisis

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Nokia, The Tech Giant, Announces Layoffs and Will Cut 15% Of Its Workforce; Factory Workers In Brazil May Be On The Radar Of The Drastic Decision That Promises To Save The Company R$ 6.41 Billion

Nokia Will Cut Up to 14,000 Jobs to Reduce Billion-Dollar Costs and Save the Company from Economic Pressures

Nokia Boss Believes the Company Will Overcome the Crisis

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