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More Jobs Go At Nokia

Finnish telecoms equipment maker Nokia plans to cut around 180 jobs in Finland this year, while also planning to invest more in 5G technology and digitisation.

The company which has 6000 staff in Finland, said its 5G product development would be excluded from the 180 job cuts. It is trying to restore investor confidence following concerns that it is lagging peers Ericsson and Huawei in 5G development.

Nokia cut its outlook for 2019 and 2020 back in October, blaming it on its need to step up its investments in 5G – news that knocked a third off the value of its share price.

Nokia also repeated an earlier statement that it was lowering its cost savings target to €500 million by the end of 2020.

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