Nokia slashes 14,000 jobs amid shrinking US demand and profit plunge

Nokia plans to cut up to 14,000 jobs as weaker demand for 5G equipment led to a 20% drop in third-quarter sales. The company aims to reduce costs and achieve savings of 800 million euros to 1.2 billion euros by 2026. Sales in the North American market were down 40% in Q3, and Nokia does not expect a market recovery soon. The company plans to reduce its employee base to 72,000-77,000 from 86,000, representing about 16% job cuts. Nokia's CEO emphasized the need for investment in faster mid-band equipment to support the growth in data traffic.