Nokia to lay off nearly 2,000 employees in Greater China region

On October 18th, according to Bloomberg citing sources, Nokia has cut nearly 2,000 employees in the Greater China region, accounting for one-fifth of the total employees in that region. At the same time, the company plans to further reduce 350 job positions in Europe. This move is part of the company's plan to save €800 million to €1.2 billion in costs by 2026. According to Nokia's latest financial report, the company's operating profit in the third quarter increased by 9%, mainly due to cost reductions. The report mentioned that Nokia has confirmed that it is negotiating with the laid-off employees in Europe, but has not commented on the layoffs in the Greater China region. As of December 2023, Nokia has 10,400 employees in the Greater China region and 37,400 employees in Europe