Nokia to cut up to 14,000 jobs after 69% profit plunge
Nokia said it would cut up to 14,000 jobs as part of a cost cutting plan following third quarter earnings that plunged. The Finnish telecommunications giant said that it will reduce its cost base and increase operation efficiency to “address the challenging market environment.” The substantial layoffs come after Nokia reported third-quarter net sales declined 20% year-on-year to 4.98 billion euros. Profit over the period plunged by 69% year-on-year to 133 million euros. https://www.cnbc.com/2023/10/19/nokia-to-cut-up-to-14000-jobs-after-profit-plunges-.html
>69% >69
didn't realize they even had 14k employees. haven't seen a Nokia product in at least a decade
Their main revenue is carrier equipment, not phones these days
Even in software they are well established internally in B2B.
Nokia exists?
They make network products have 15% market share still trailing Huawei at 33%..
Holy hell that’s a serious layoff Dm if I can help anyone impacted with a TikTok / Bytedance referral
Please help, i was impacted here
Guess we are back to 2001. Carrier equipment is being impacted too now
DM for Cisco I guess there might be some relevant roles.
Cisco hiring ?
What’s the timing of the layoffs?
Can we catch a f'in break? It's like we're travelling back to Nov 2022
Layoffs will continue until interest rates start dropping. Tech companies are very sensitive to interest rates.
Why is that so? Do they take jumbo loans and pay employees salary / throw parties?