INTERNATIONAL – Finnish telecom equipment maker Nokia is cutting 350 jobs in Finland as part of its plans to find savings worth €700 million (R11.1bn) by next year.
“The planned changes are indispensable to secure Nokia’s long-term competitiveness,” Tommi Uitto, head of the company’s Finnish operations, said in a statement on Tuesday.
At present, Nokia has around 6 000 employees in Finland.
The network industry – dominated by Nokia, Sweden’s Ericsson and China’s Huawei – has been battered by years of slowing demand for existing 4G networks and mounting investor doubts over when new 5G contracts can begin to boost profitability.
Nokia and Ericsson could eventually benefit from curbs on Huawei equipment by the US and some of its allies but so far the effects have not materialised.