Nokia announced it would cut jobs in Finland.
On January 15th, according to Reuters, Finnish telecommunications equipment maker Nokia said on Tuesday that it plans to lay off 180 jobs in Finland this year and plans to invest more in 5G technology and digitization.
Nokia said the company’s 5G product development unit in Oulu, Finland, would not be affected by 180 job cuts. Nokia has about 6,000 employees in Finland.
Reuters pointed out that Nokia is facing fierce competition from Ericsson and Huawei in the 5G field and it is necessary to restore investor confidence. In October last year, Nokia lowered its expectations for 2019 and 2020, which caused its stock price to fall by a third.
On Tuesday, Nokia announced that it would lower its cost-saving plan target to 500 million euros by the end of 2020. “We updated our previously announced cost savings target from 700 million euros to 500 million euros because we expect to make more investments in 5G and digitization.” Nokia Mobile Networks Leader Tommi Uitto said in a statement. Nokia also introduced that in 2019, Nokia hired 370 new employees in Finland.
The latest data released by Nokia on January 9 shows that Nokia has obtained 63 5G commercial contracts worldwide.