Nokia plans to cut up to 14,000 jobs after sales and profits plunge in a weak market

HELSINKI (AP) — Telecom gear maker Nokia says it’s planning to cut up to 14,000 jobs worldwide, or 16% of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit. The Finnish wireless and fixed-network equipment provider said Thursday that the planned measures are aimed at reducing its cost base and increasing operational efficiency “to navigate the current market uncertainty.” Nokia says it’s aiming to lower its cost base by between 800 million euros and 1.2 billion euros by the end of 2026. That’s set to lead to a reduction from 86,000 employees now to between 72,000 and 77,000 during that time period.