Nokia Corporation revealed on Thursday in a statement that it is planning to slash between 9,000 to 14,000 of its staff in order to "reduce its cost base and increase operational efficiency." This will signify a reduction of 10% to 16% from the total current 86,000 employees.

The decision is part of a "strategic and operational" plan that looks to reposition the company in the future and facilitate it to "navigate the current market uncertainty” while at the same time solidifying its "technology leadership." "Cloud Computing and AI revolutions will not materialize without significant investments in networks that have vastly improved capabilities. However, while the timing of the market recovery is uncertain, we are not standing still but taking decisive action on three levels: strategic, operational and cost," CEO Pekka Lundmark mentioned.

Earlier, in the third quarter of fiscal 2023, on an annual basis, Nokia reported a fall of 20% in net sales to €4.9 billion and a drop of 75% in its diluted earnings per share to €0.02.