Finnish multinational telecoms company Nokia will cut up to 14,000 jobs to reduce costs, reports Reuters. The firms said it did not expect a market recovery soon after posting a 20% drop in third-quarter sales on weaker demand for 5G equipment. A slowdown in the US had forced them to look for growth in other regions such as India. But now India is also expected to normalize after a stellar 2022. "The market situation is really challenging and it is witnessed by the fact that in our most important market, which is the North American market, our net sales are down 40% in Q3," Chief Executive Pekka Lundmark told Reuters.

Nokia is targeting savings of between €800 million and €1.2 billion by 2026. It expects to reduce its employee base to between 72,000 and 77,000 employees, from 86,000, or about 16% job cuts at the high end.