• About Us
  • AKIP
  • Live TV
  • Our Programs
  • Latest News
    • Church News
    • Politics
    • Foreign News
    • Security
  • Airtime
  • From GM’s Desk
  • Church of Nigeria
  • Contact
Facebook Twitter Instagram
  • AKIP
  • From GM’s Desk
  • Live TV
Facebook Twitter Instagram
Advent Cable Network Nigeria Advent Cable Network Nigeria
  • Home
  • About Us
  • AKIP
  • Latest News
    • Church News
    • Politics
    • Security
    • Foreign News
    • Sport
  • Live TV
  • Our Programs
  • Airtime
  • Church of Nigeria
  • Contact
Donate
Advent Cable Network Nigeria Advent Cable Network Nigeria
Home»ACNN News Update»Nokia To Slash Up To 10,000 Jobs By 2023
ACNN News Update

Nokia To Slash Up To 10,000 Jobs By 2023

ACNN TVBy ACNN TVMarch 20, 2021Updated:March 22, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp
FILES) This file photo taken on February 26, 2019, shows people visiting the Nokia stand at the Mobile World Congress (MWC) in Barcelona. Finnish telecoms equipment maker Nokia said on March 16, 2021, it would slash up to 10,000 jobs over the next two years as part of a 600-million-euro ($715-million) cost-cutting programme. Josep LAGO / AFP
Share
Facebook Twitter LinkedIn Pinterest Email WhatsApp

Finnish telecoms equipment maker Nokia said Tuesday it will slash up to 11 per cent of its workforce within two years as it launches a “huge” cost-cutting drive and focuses on a few key areas in the face of tough competition over super-fast 5G networks.

Announcing a 600-million-euro ($715-million) cost-cutting programme, Nokia said it expects to become “an 80,000–85,000 employee organisation, over an 18–24-month period, instead of the approximately 90,000 employees Nokia has today.”

Much of the savings are to be re-invested into research and development (R&D), the firm said, especially in Nokia’s mobile networks and cloud operations, after new chief executive Pekka Lundmark pledged last year to “invest whatever it takes to win at 5G.”

Analyst Kimmo Stenvall of OP Financial Group told AFP: “The firepower of R&D is huge at the moment in Nokia so this will bear fruit in the future, but investors will have to wait a couple of years to see how it turns out.”

The company said it was “too early to comment in detail” on where the job cuts will take place.

Nokia however told AFP that France would be spared job losses, given that 1,000 posts were already being cut following Nokia’s 2016 takeover of Alcatel-Lucent.

Finland, where the group is headquartered and where it last year recruited over 1,200 new staff for 5G posts, is also expected to emerge largely unscathed, with Nokia saying that it expects the restructuring to have a “net positive” impact in the Nordic country.

– 5G race –

Nokia has flagged in the three-way race against Ericsson and Huawei to dominate the 5G equipment market, notably failing to make inroads in China.

The firm has had difficulties competing on price and has struggled to convert some of its existing 4G bases into 5G wins, losing out on a major Verizon contract in the US last year which will impact the outlook into 2022.

After Lundmark took the helm in August 2020, he scrapped previous CEO Rajeev Suri’s strategy in favour of a more focused approach.

The company will in future be structured around four business groups aligned with customer buying behaviour — Mobile Networks, IP and Fixed Networks, Cloud and Network Services and Nokia Technologies — each with its own profit and loss sheet.

“In those areas where we choose to compete, we will play to win,” Lundmark said in Tuesday’s statement.

“The 5G cycle is quite long so there is still room to gain the market share, but it is much tougher than two years ago,” Stenvall said.

Nokia’s share price remained largely flat following the announcement, adding just 0.1 per cent in late trading on the Helsinki stock exchange.

Following takeover rumours last year, Tuesday’s move “is a really strong statement that Nokia will remain independent and that they will come back in a few years’ time,” analyst Mikael Rautanen of Inderes told AFP.

The firm said its 2021 outlook remained unchanged, with a 7-10 per cent operating margin target.

The Finnish group is due to announce further details of its strategy and long-term financial forecasts on Thursday.

-AFP

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp

Related Posts

NACCIMA, Others List Risks to Economy as Debt hits N46.3trn

March 31, 2023

Election Tribunal: Tinubu Gets Atiku, Obi’s Petitions

March 31, 2023

Elections: APC-USA knocks Planned Protest at White House

March 31, 2023
Add A Comment

Leave A Reply Cancel Reply

Recent Posts

Roman Catholic Priest Wins Benue State Gubernatorial Election

March 20, 2023

CBN Finally Obeys Supreme Court Order Over Old Naira Notes

March 13, 2023

Words of Caution on the 2023 Nigerian Presdential Election – Bishop Adebogun

March 1, 2023

Primate Ndukuba Encourage Nigerians, Congratulate All Winners, as INEC Announces Presidential Election Winner

March 1, 2023

Court Of Appeal Justice, Chancellor of Egba Anglican Diocese, Lokulo-Sodipe Slumps And Dies In Court

February 27, 2023
Advent Cable Network Nigeria

ACNNTV is the Televangelism arm of the Church of Nigeria (Anglican Communion) with focus to keep the orthodox faith alive through development of inspiring and life changing broadcast products.

Facebook Twitter Instagram
Quick Links
  • About Us
  • AKIP
  • Board of Management
  • Contact
  • Privacy Policy
Quick Links
  • Our Programs
  • Program Rates
  • From GM’s Desk
  • Live TV

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 Anglican Cable Network Nigeria,Abuja. Designed by Dominion Web.

Type above and press Enter to search. Press Esc to cancel.