Famous tech company Nokia has done layoffs. According to Reuters report, the company has fired 2000 people (Jobs Cut). This layoff has been done by Nokia in Greater China. The company has laid off 350 people in Europe to cut expenses. A company spokesperson has confirmed the layoffs in Europe. However, he did not say anything on China’s layoff. Let us tell you, earlier this week Meta Layoff had also done layoffs. This layoff has been done in WhatsApp, Instagram and Thread divisions. However, the company has not given information about the number.
Plan to save 800 million euros
According to Nokia’s annual report, the company has 10,400 employees in Greater China. At the same time, the company has about 37,400 employees in Europe. Nokia had announced in 2023 that they will lay off 14,000 employees. Through this the company is trying to save 800 million euros. At the same time, the company plans to save 1.2 billion euros by 2026.
The company got a shock from China
China is a very important market from Nokia’s point of view. On the other hand, America is banning Chinese companies like Huawei, ZTE. Due to which Chinese companies have reduced the contracts of Nokia and Ericsson. Nokia had informed in the information given in 2019 that 26 percent of their total net sales come from China. Which has now reduced to 6 percent.
How is the financial condition of Nokia?
Recently the company had released the results for the third quarter of the calendar year. In the information given by the company, it was said that there has been an increase of 9 percent in their operating profit. However, net sales remained below expectations.
