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Serious Nokia to Leetrench 14,000 in the Network Business

Pinkieslut

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Nokia to cut up to 14,000 jobs as 5G demand slows​



Thu, 19 October 2023 at 9:37 am GMT+1


Nokia CEO Pekka Lundmark said the Finnish telecom group was hit by 'macroeconomic challenges' (Josep LAGO)

Nokia CEO Pekka Lundmark said the Finnish telecom group was hit by 'macroeconomic challenges' (Josep LAGO)
Finnish telecom giant Nokia said Thursday it would cut up to 14,000 job as profits fell on weakening demand for its 5G equipment in North America.
The announcement adds to a series of layoffs in the tech industry following a boom during Covid pandemic lockdowns.
"In the third quarter we saw an increased impact on our business from the macroeconomic challenges," CEO Pekka Lundmark said in a statement.
Nokia's savings programme is expected to reduce staffing to as low as 72,000, cutting costs by up to 1.2 billion euros ($1.14 billion) by 2026, the company said.
The programme targets business areas Mobile Networks, Cloud and Network Services and corporate functions.
"The most difficult business decisions to make are the ones that impact our people," Lundmark noted.
Nokia reported that its profits reached 133 million euros in the third quarter, a 69 percent drop from the same period a year ago.
"The earnings were much weaker than expected and the outlook is more uncertain. So it's not looking that good in the short term for Nokia," Atte Riikola, an analyst at equity analysis firm Inderes, told AFP.
Despite the uncertainty in the third quarter, Nokia said it expects an "improvement in our network businesses in the fourth quarter."
But Riikola believed that Nokia's "estimates will come down pretty dramatically."
"There's a possibility for a negative profit warning," he added.
- Slowdown of 5G -
Locked in a competition for 5G networks with Swedish rival Ericsson and China's Huawei, Nokia's sales dropped by 20 percent to 4.98 billion euros in the third quarter of 2023.
Nokia had hoped that its 5G rollout in India would compensate for a slowdown in spending by North American telecom operators this year, but was faced with a disappointment.
"We saw some moderation in the pace of 5G deployment in India which meant the growth there was no longer enough to offset the slowdown in North America," Lundmark said.
Shorthand for fifth-generation mobile technology, 5G holds the potential to enable lightning-fast video downloads and innovations like high-speed autonomous vehicles.
But due to the global economic downturn, both Nokia and Ericsson have reported a slowdown in investment by mobile network operators this year.
Like numerous tech firms, Nokia's profitability got a boost during the Covid-19 pandemic but is now forced to cut jobs as the industry experiences a slowdown.
Nokia's announcement follows tens of thousands of job cuts across the tech sector this year.
British telecom group BT said in May that it will axe up to 55,000 jobs by the end of the decade.
Tech giants Meta and Microsoft have revealed plans to reduce their workforce by as many as 10,000 employees this year.
In January, online retail giant Amazon announced it was cutting over 18,000 jobs worldwide and Google parent company Alphabet announced cuts of around 12,000 people.
 

syed putra

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I want to buy Nokia mobile phone leh.
Nokia phones were great. It fits in the pocket and all they had to do was to maintain the design but upgrade the software and electronics.
But they decided to surrender and eventually sell it off to investors. current Nokia phones are just like any other.
 

laksaboy

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Asset
Nokia-Old-and-New-Logo-1024x682.jpg


Oh I didn't know Nokia changed its corporate logo. :biggrin:

Looks terrible, just like most modern 'reimagining' of logos. :roflmao:

I still remember visiting the Nokia Care Centres at Vivocity and Wheelock Place, and at the latter to flash the firmware on my Nokia phone. :laugh:

20080924021200-c7fbbc44.jpg
54252562_uwa30OJJFjmqwNTpidxA8lfJ80lxlC8-xMQ3AULq2_I.jpg


Left: Wheelock Place 2008.
Right: Vivocity 2014. Notice 'Lumia' in the background, at that time Nokia had been sold out to Microsoft and it started selling phones running Windows OS.
 

k1976

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https://www.google.com/amp/s/www.bu...-these-are-the-companies-making-cuts-2023?amp


  • Amazon is laying off 180 more employees after cutting over 20,000 jobs in 2023.
  • This year, layoffs have expanded beyond tech, media, and finance with retail companies also cutting.
  • See the full list of layoffs so far in 2023.
HOMEPAGESubscribe

HOME TECH

Amazon is laying off employees again. Here's the full list of major US companies slashing staff this year.​

Bethany Biron, Madeline Berg, Lakshmi Varanasi, Jordan Hart, Samantha Delouya, Aaron McDade, and Grace Mayer
Nov 13, 2023, 4:48 PM ET

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Christoph Hartmann, vice president of Amazon Games, informed employees of the layoffs in a memo. Sascha Schurmann/Stringer/Getty Images
  • Amazon is laying off 180 more employees after cutting over 20,000 jobs in 2023.
  • This year, layoffs have expanded beyond tech, media, and finance with retail companies also cutting.
  • See the full list of layoffs so far in 2023.
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Layoffs have remained an unfortunate reality of 2023, continuing pace with the cuts made at dozens of companies toward the end of last year.

On Monday, Amazon announced that it would be laying off more than 180 employees in its Amazon Games division. The move is meant to help the company with "focusing efforts on making and publishing video games," a spokesperson told Insider.

Earlier this year, Amazon cut 18,000 roles in January and laid off 9,000 more in March.

"It never feels good to say goodbye to colleagues," Christoph Hartmann, vice president of Amazon Games, wrote in his memo to employees that was shared with Insider. "This isn't a decision the leadership team came to quickly; it was the result of extensive considerations and road mapping for our future."
 

k1976

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https://www.techopedia.com/tech-layoffs-predictions


A Grim Global Outlook For Tech Teams​

In just one year, tech layoffs have surged past 240,000 globally — a staggering 50% increase from 2022. This rise comes as giants funnel billions into AI while cutting thousands of jobs simultaneously.

San Francisco is the home of many tech giants and is feeling the loss.

Abby Raisz, from the Bay Area Council Economic Institute, told Fox News: “The nine-county Bay Area lost almost 17,000 jobs last month, which was the worst monthly job loss we saw Omicron hit in late 2020 and early 2021.”

Last month, several companies announced cuts, with a mix of economic uncertainty, ‘strategic priorities’, or AI displacing jobs cited as the causes.

These include:

  • Nokia announced it would cut up to 14,000 jobs between now and 2026, blaming weaker-than-expected earnings, around 16% of its current headcount of 86,000 employees.
  • LinkedIn announced it would lay off 668 employees across finance, talent, and engineering areas — or more than 3% of staff globally. The company, part of Microsoft, said it was making ‘strategic priorities for our future.’ The cuts are the second major staff reduction in 2023, following the loss of around 700 jobs in May.
  • Q&A stalwart Stack Overflow also announced the end of the line for 100 employers — around 28% of staff — with the rise of AI said to be one of the root causes.
  • Google laid off 12,000 workers — around 6% of its staff — over 2023, including 50 employees at Google News in October.
  • Self-driving car technology company Waymo LLC is on to its third round of layoffs this year.
Unfortunately, as we prepare for 2024, these trends look set to continue. With other industry leaders from Cisco Systems to Roku joining the fray, the debate on how tech innovation impacts employment is further intensifying.

Elsewhere, Qualcomm’s decision to slash 1,200 workers — 2.5% of its workforce — and Epic Games’ move to lay off 16% are further indicators of a broader, unsettling trend.
 

k1976

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https://www.google.com/amp/s/www.theregister.com/AMP/2023/10/21/register_kettle_layoffs/

Still got a job at the end of this week? You're lucky, as more layoffs hit the tech industry​

'Beatings will continue until morale improves'​

Iain ThomsonSat 21 Oct 2023 // 13:00 UTC
69 comment bubble on white

KETTLE It has been a bad week for thousands of tech workers this week, with multiple corporations announcing that headcount reduction will continue for the time being.

Around 50 percent of Bandcamp were let go by Epic ahead of the site's sale to Songtradr, Stack Overflow cut headcount by 28%, and LinkedIn showed around 700 people - largely engineers - the door despite Microsoft making very healthy profits. Meanwhile, Nokia slashed its worker numbers by 14,000 after profits slumped and Qualcomm let 1,000 people go last week.

As long as there have been jobs there have been layoffs. While the problem will always be with us the last few years have seen these rounds of redundancies increase in size and frequency.

So, as a timely topic and one close to readers' hearts, in this week's Kettle we ask why the layoffs keep happening. Is it post-COVID belt tightening, corporate greed, the demands of Wall Street, or even AI coming to take over certain job types? You can see Register journalists who cover these stories in the discussion below.
 

blackmondy

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Asset
So much hype on 5G which translates to higher costs but offers insignificant improvement to our lives.
 

liamricci

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