KIANEWS 
HMD Global today unveiled its latest smartphone, the HMD Fusion, an affordable device whose idea is to change functions and style with a shell. This is how the HMD Fusion will initially be distributed, but additional devices will be available later this year.
Nokia plans to cut jobs in Finland
18. 10. 2024 Friday / By: Robert Denes / Business / Exact time: BST / Print this page
The start of change negotiations is related to Nokia's savings program announced a year ago. Network equipment manufacturer Nokia plans to cut 48 jobs in Finland. Nokia already announced in May that it was preparing for further downsizing in Finland. At the time, according to information at the time, the plan was to cut hundreds of jobs at most.
"The start of change negotiations in Finland is part of our goal announced a year ago to cut jobs to reduce costs. We have now announced that we are cutting 350 jobs in Europe, including 48 in Finland,"said Pekka Lundmark, Nokia's president and CEO.
Already in October 2023, Nokia announced significant cost reductions to reduce its costs by 800-1,200 million euros by the end of 2026. The layoffs mean the loss of 9,000 to 14,000 jobs worldwide.
The purpose of cost reductions is to ensure the company's profitability. Within a year, Nokia already eliminated 7,500 jobs worldwide. The company currently employs 78,500 people and aims to have between 72,000 and 77,000 employees by the end of 2026.
Nokia reported its third quarter results on Thursday. The company's net sales in July-September were lower than expected, but the operating result met expectations. The company also revised its estimate of the operating result to a more gloomy one.
In the fall of 2023, Nokia announced a significant savings program. The company said at the time that by the end of 2026 it wanted to achieve annual gross cost savings of 800-1,200 million euros compared to 2023.
Nokia still expects to hit its operating profit target of €2.3 billion to €2.9 billion this year, but now expects to settle in the "lower half" of the range. Nokia's net sales fell by seven percent to 4.3 billion euros. Comparable operating profit, on the other hand, increased by nine percent to 454 million euros.
Via LinkChairman and CEO Pekka Lundmark said in the earnings statement that he was pleased to see Nokia turn in the right direction in the third quarter, despite some areas of the business continuing to suffer from weak market conditions.