Finnish telecommunications equipment company Nokia said today that it plans to “revise its cost base to invest in future opportunities.”
The forthcoming restructuring, which should be completed in one and a half to two years, envisages a reduction from 5,000 to 10,000 employees. The restructuring costs are estimated at 600-700 million euros, half of which will be in the current year. At the same time, the company expects that by the end of 2023 the cost base will be reduced by about 600 million euros. Savings will need to offset increased investment in R&D and future opportunities, as well as costs associated with wage inflation.
Nokia’s financial outlook for 2021 remains unchanged.
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