Nokia Oyj (ADR) (NYSE:NOK) currently has plans underway that will see the top provider cut up to 200 more jobs in Finland, the main reason behind the move being the fact that there is actually a weak demand for its telecom network equipment.
Nokia on Thursday outlined that it was going to move ahead with the new move, citing that it would as a matter of fact go a long way to help them implement a global cost-savings plan that was announced after its 2016 acquisition of Franco-American rival Alcatel-Lucent.
Tommi Uitto, who happens to be Nokia’s country manager while giving a statement said, “In order to succeed in this market environment we must continue to streamline our cost structure and to increase efficiency,”
Top sources have moved ahead to show that the new cuts will majorly focus on support functions as well as in the various networks operations.
The top notch company over the years has ranked highly as one of the major employers, priding in employing about 6,100 employees in Finland and on the global arena it has about 101,000 employees. It will be cutting about 960 jobs back at home and in Germany particularly, about 1,400 will lose their jobs.
While making her speech, one of the provider’s spokeswomen was pushed by a number of top journalists to crack up and make revelations in regards to the overall estimate for the global headcount reduction.
However, it was all in vain after the top executive declined to make any comments for reasons best known to her. But unions have moved ahead to give their forecasts where they provided a figure of about 10,000-15,000 jobs.
As a matter of fact,Nokia is a major competitor of China’s Huawei as well as Sweden’s Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) and over the years the competition has been quite stiff.
Each and every company has constantly been looking into better ways to improve products to make the more appealing to customers from across the world. The incorporation of high end technology has played a pivotal role towards this and no one can foretell what the future holds. However, the recently move by Nokia is most probably for the best!