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

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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.

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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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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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Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

For the first time, scientists have mapped the Etna magma system in almost real time and discovered where the volcano was storing large volumes of molten material before years of eruptions, revealing an underground reservoir that fills and reorganizes like a living organism beneath the mountain.

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