Nokia cuts 2,000 jobs in China for cost

Nokia has laid off around 2,000 employees, about 20% of its workforce in China, and plans to cut another 350 jobs across Europe to reduce costs, Reuters sources say. A Nokia spokesperson confirmed the European layoffs but did not comment on those in China. As of December 2023, Nokia had 10,400 employees in China and 37,400 in Europe. Last year, Nokia announced plans to cut up to 14,000 jobs to save between 800 million and 1.2 billion euros by 2026. Once its second-largest market, China has seen contract values with Nokia and Ericsson drop sharply since 2019 due to Western bans on Huawei technology, the report said. [Reuters]