Nokia To Cut Up To 10,000 Jobs - Quick Facts

(RTTNews) - Nokia Corp. (NOK) said it will cut up to 10,000 jobs as part of its plans to lower costs over the next two years. The company maintained its 2021 outlook.

The company's plans are expected to result in an 80,000-85,000 employee organization over an 18-24-month period, instead of the about 90,000 employees Nokia has today. The exact number will depend on market developments over the next two years, Nokia said in a statement.

The company expects about 600 million euros - 700 million euros of restructuring and associated charges by 2023. It expects to take 50% of the charge in 2021, about 15% in 2022, and about 35% in 2023.

The company expects lower cost base of about 600 million euros by the end of 2023. The savings will take place gradually and will offset increased investments in R&D, future capabilities and costs related to salary inflation.

The company said its business groups will provide detailed updates on their future strategies and financial outlook assumptions on Capital Markets Day on 18 March.