Finnish telecommunications company Nokia is planning to trim between 9,000 and 14,000 roles by the close of 2026 to reduce expenses.
It was declared when the company declared that sales had declined by 20% from July to September.
The company attributed the falling sales of 5G equipment in regions such as North America to slowing demand.
At present, there are 86,000 workers employed throughout the globe, and since 2015, it has laid off a large number of people.
Nokia announced its intention to reduce costs within a range of €800m to €1.2bn (£695m to £1bn) by 2026.
It stated that its clients have been curtailing their expenditure due to the high rate of inflation and interest.
Pekka Lundmark, chief executive, pointed out the need for "substantial investments in networks with drastically enhanced capabilities" due to progress in cloud computing and AI.
However, given the unpredictable timing of the market's turnaround, we are now taking firm steps," he declared.
It expressed its intention to "act swiftly" by reducing expenses by €400m in 2024 and €300m in 2025.
Mr Lundmark stated that although there was still "ongoing uncertainty", Nokia anticipated a "boost in our network businesses" in the present quarter.
The company refused to reveal which particular roles would be affected by the cuts, or if its UK personnel would suffer from the redundancies.
It stated that the reductions were a "challenging business choice" but were "required to respond to market instability and safeguard our long-term viability and ability to compete".
"Nokia is home to incredibly gifted individuals and we will lend assistance to those who are impacted by the transition," announced a representative. "We have just started the process of consulting regarding the initial cuts."
The spokesperson went on to explain that the timing and specifics of the last round of job cuts will be determined thoughtfully, and will be contingent on the developments of need in their target market.
At one point, Nokia was the biggest manufacturer of mobile phones in the world. However, the company did not anticipate the rise of touchscreen devices that were capable of accessing the internet, such as Apple's iPhone and Samsung's Galaxy, which caused it to be overtaken by its competitors.
Following the transaction of their handset business to Microsoft, which Microsoft subsequently wrote off, Nokia refocused their efforts on telecoms equipment.
It specializes in software and hardware related to telecommunications, including physical and cloud-based infrastructure used for making phone calls or accessing the internet, such as antennas and base stations.
In 2020, Nokia profited substantially from Huawei being barred from the UK's 5G networks as a result of a contract agreement that made them the largest provider of equipment to BT.
However, as operators in the US and the EU reduce outlays, 5G equipment makers are facing difficulty.
Nokia and Ericsson of Sweden have been attempting to make up for some of their shortcomings with increased sales to India, yet the implementation of 5G has also been delayed there.
Ericsson registered a decline in sales this week.
The business has let go of thousands of workers during the current year, and mentioned on Tuesday that the unease impacting its operations will prolong into the year 2024.
Kester Mann of CCS Insight, an analyst, commented that the telecoms industry should be "thriving" due to the continued desire for its services.
He noted that numerous inquiries remain about how relevant operators are and what their long-term prospects are.
Telecoms companies along with other technology organizations have experienced difficulty as customers, both business and domestic, trimmed expenses due to escalating inflation and higher interest rates.
For the past two years, thousands of workers around the globe have been laid off.
Firms including Meta (which owns Facebook and Instagram), Amazon, and X (formerly known as Twitter) have made layoffs.
Even so, there continues to be a need for tech employees.
According to Zip Recruiter, a job posting firm, four out of every five large technology workers who were without employment were successful in securing jobs within a period of three months.
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