Nokia to cut 14,000 jobs globally as demand for 5G infrastructure slumps

The Finnish telecommunications giant said it is targeting cost savings of up to €1.2 billion in the next three years

Nokia said it plans to slash costs in the region of €800m and €1.2 billion over the next three years

Nokia, the Finnish telecommunications company, has announced plans to cut as many as 14,000 jobs due to weak demand for fifth-generation mobile infrastructure, known as 5G, from operators in the US and Europe.

The planned headcount reduction will see the company let go of up to 16 per cent of its global workforce, and is expected to save as much as €400 million next year and an additional €300 million in 2025.

In a statement ...