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General

Nokia to cut staff by up to 10,000 in latest cost savings plan

Tuesday 16 March 2021 | 09:53 CET | News
Equipment vendor Nokia has announced plans to shrink its workforce from approximately 90,000 currently to between 80,000 and 85,000 over a period of eighteen to 24 months. This should cut the group cost base by about EUR 600 million by the end of 2023, offsetting more spending on R&D, new capabilities and salary inflation. Nokia predicts restructuring and associated charges of some EUR 600 million to EUR 700 million by 2023, on top of EUR 500 million in cash outflows related to its previous restructuring programme.

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Categories: General
Companies: Nokia
Countries: Finland / World
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