Finnish Mobile company Nokia has cut 353 jobs as part of cost-cutting measures due to what it calls a weak global network market.
As reported by Reuters, Nokia plans to trim 283 jobs from its networks business and a further 70 from its technologies unit, which includes the company’s licensing operations and digital health business.
The firm had initially planned to cut 425 jobs but settled on a lower figure following the conclusion of consultations with trade union representatives.
Nokia said it aims to help laid off employees find new jobs through its ‘Bridge support’ programme.
Plan of action
Nokia wants to save $1.5 billion annually following its 2016 acquisition of Alcatel-Lucent and plans to step up measures due to a weak network equipment market.
The Finnish company recorded a turnover of €23 billion ($28 billion) in 2017. It currently employs 6,300 staff in Finland and has roughly 102,800 employees in total around the world.