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Nokia says it will slash up to 10,000 jobs to save costs for 5G R&D

Nokia says it will slash up to 10,000 jobs to save costs for 5G R&D

Nokia said it would reduce its workforce by 10,000, which is more than 10% of its staff, and utilize the saving in costs towards research and development for 5G. With this, the number of Nokia employees is expected to fall between 80,000 to 85,000 in the next two years and reduce costs up to $715 million. The wireless network maker hopes to remain a key supplier in 5G networks with this move.

Timothy
Timothy
Hannibal
Hannibal 0 months

And so it begins. Large telecom layoffs were the harbinger of the great recession of 2008. Coupled with wildly overvalued stocks dominating almost every sector we're heading into some shoals. Hopefully this squeeze will end faster than the last one.

brandon
brandon 0 months

Yes, and china will steal the technology. This is why Chinese companies are so big they don't spend the billions other companies do on R&D they just force transfer IP and steal everything else. So as other companies have to lay off employees to bankroll their new tec China doesn't.

Rich
Rich 3 weeks

So, it costs 10000 jobs. Got it.

World
World 4 weeks

Ew

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