The Finnish multinational telecommunication and electronics giant known by the name Nokia has recently announced its plans to sort and cut up to 10,000 jobs in the coming two years. Nokia has announced that it will be cutting these costs to invest more in research capability and try to keep up with the competition.
The cuts have seen an effort to step up to challenge the nearest rivals Sweden’s Ericsson and China’s Huawei. This cut comes from Chief Executive Pekka Lundmark, who is trying to recover the firm from its 5G ambitions dragged into the mud due to missteps in products and strategies.
Nokia’s capital markets day on Thursday will see the reveal of its long term plan and goals as CEO Lundmark is expected to explain the long term stance at the event. The CEO has also stated that the employees will be supported through the process and given the best of opportunities without hindering the company.
The job cuts are expected to be global as the CEO has stated that the changes will be made to all Nokia firms worldwide. Nokia is pulling its weight and is gaining customers as more telecom operators start rolling out 5G networks. Still, the competition has the edge over them, so they try and undercut through this move.