Nokia, a significant maker of telecoms equipment, disclosed last Thursday that it is planning to eliminate up to 14,000 jobs in the course of its effort to slash costs as a result of a decline in 3rd-quarter revenue and earnings.
Nokia said in an earlier filing that it will be initiating a cost-cutting initiative to “lower its base price on an overall basis.”
Nokia expects to cut its staff from 86,000 workers worldwide to around 72,000 and 77,000 workers as part of the company’s current cost-saving effort, which the company claims will result in a 10-15% “decrease in labor expenses.”