Nokia “will revise the cost base”

Nokia “will revise the cost base”

Finnish telecommunications equipment company Nokia said today that it plans to “revise its cost base to invest in future opportunities.”

Nokia has laid off thousands of employees, net losses in the last 3 years exceed 3 billion euros

The forthcoming restructuring, which should be completed in one and a half to two years, envisages a reduction from 5,000 to 10,000 employees. Restructuring costs, half of which will fall on the current year, are estimated at 600-700 million euros. At the same time, the company expects that by the end of 2023 the cost base will be reduced by about 600 million euros. The savings will need to offset the increased investment in R&D and future opportunities, as well as the costs associated with wage inflation.

Nokia’s financial outlook for 2021 remains unchanged.

Nokia “will revise the cost base”

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