Nokia to cut as many as 14,000 jobs as profit drops by 69%

Nokia
NOKIA,
-2.01%
set plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit. The telecom equipment maker said it’s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026. Nokia’s profit dropped by 69% to 133 million euros, or 2 cents a share, as revenue fell 20% to 4.98 billion euros. Analysts polled by Visible Alpha forecast earnings of 395 million euros on revenue of 5.66 billion euros. Nokia said it’s tracking toward the lower end of its net sales range for 2023 and toward the mid-point of its comparable operating margin range.