Nokia Ireland reports 27% profits decline and job cuts

The telecom giant reduced its workforce here by 9 per cent in 2019

Nokia Ireland reported that it had reduced its employee headcount from 150 to 137 between 2018 and 2019, with most of the staff cuts happening in its research and development department. Picture: Getty

The Irish arm of Nokia, the Finnish telecom giant, reported a 27 per cent slump in profits after tax, according to newly filed accounts.

Nokia Ireland Limited posted pre-tax losses of €317,116 in its accounts for the year ending December 31, 2019, versus losses of €223,709 reported in 2018.

Profits after tax for 2019 were reported as €1,129,125 after a tax credit of €1,446,241 was factored in, versus the €1,545,748 profits after tax reported in ...