Bloomberg: Nokia cuts almost 2 thousand jobs in China
Kyiv • UNN
Nokia plans to cut about 2000 jobs in China as part of a cost-cutting program. This is part of the company's global plan to cut 14,000 employees due to the loss of its position in the Chinese market.
Finnish company Nokia Oyj will cut almost two thousand jobs in China as part of a large-scale cost-cutting program. This was reported by Bloomberg with reference to an informed source, UNN reported.
Details
According to the source, the job cuts are part of a large-scale effort announced by Nokia last year to reduce its workforce by 14,000 people.
According to the company's 2023 report, Nokia employs about 10,400 people in China. A company representative said that Nokia's share of the total hardware market in China is currently less than 5%.
It is noted that in China, European companies are losing out to local competitors such as Huawei Technologies Co. and ZTE Corp. Doing business has become more difficult due to the deterioration of relations between the United States and China: Chinese operators are refusing European equipment, just as the United States and some European countries are refusing Chinese technology.
Nokia reduced its presence in the country by selling its stake in a joint venture in China earlier this year.
In addition, the Finnish company is also cutting an additional 350 jobs in Europe, of which 48 are in Finland, Nokia said on Thursday.
The company has already cut 7,500 jobs and said that as part of a broader cost-cutting program, it has managed to reduce costs by €500 million.
