Multinational telecommunications company Nokia has laid off around 2,000 employees, representing nearly 20% of its workforce in Greater China, and is set to cut an additional 350 jobs across Europe. The layoffs are part of Nokia’s broader cost-cutting strategy aimed at saving between €800 million and €1.2 billion by 2026, according to Reuters, citing sources familiar with the matter.
While a Nokia spokesperson confirmed the consultations regarding the European layoffs, they declined to comment on the situation in Greater China. As of December 2023, the company employed 10,400 people in Greater China and 37,400 in Europe, as reported in its annual report.
The layoffs come as part of Nokia’s plan to reduce up to 14,000 jobs globally, with efforts focused on cutting costs amid declining market opportunities in China. Once Nokia’s second-largest market, China saw a reduction in contracts with Chinese telecom operators after Western countries began banning Huawei in 2019, affecting both Nokia and rival Ericsson.
Nokia’s restructuring highlights the ongoing challenges for international telecom companies navigating geopolitical tensions and evolving market dynamics.
