By the end of 2023, the Finnish company Nokia plans to lay off up to 10 thousand employees. This is about a tenth of the entire state. The reductions will be global and will affect most countries where the organization is located. The Finnish telecommunications group announced this on March 16.
The company noted that the restructuring will help save about 600 million euros by the end of 2023. Nokia plans to use the saved funds to develop fifth generation wireless networks, cloud services and network infrastructure in general. In addition, the company’s investments will be directed to the domestic market of the country: Nokia is already recruiting employees for new 5G developments.
Nokia CEO Pekka Lundmark said the company’s layoffs are part of a strategy to help them become the best in the international market. Such drastic changes were a forced step after Nokia’s performance began to deteriorate significantly compared to competitors Huawei and Ericsson (in terms of telecommunications technologies).
To catch up on lost numbers, the company announced partnerships with Amazon Web Services and Google Cloud on March 15. The organizations will collaborate to develop new 5G applications. In addition, Nokia is teaming up with Microsoft to create cloud-based business solutions.
The CEO of the company is quite determined. He stated that the company will take a leadership position in every area it competes in as product quality and competitiveness increase. The Finnish corporation will do whatever it takes to take the lead with the development of the 5G network.
Recall that earlier Nokia was the largest manufacturer of mobile devices in the world. However, Apple and Samsung effectively knocked the company out of the top spot by offering touchscreen smartphones to users. Nokia sold its business to Microsoft and focused on telecommunications equipment.
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